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Europe: Shares edge lower as Greek deal optimism fades
[LONDON] European shares edged lower at the open on Thursday, giving back some of the late gains made the previous day as euphoria about a possible deal between Greece and its creditors faded.
European shares had rallied late on Wednesday on reports of a staff-level agreement between Greece and its creditors but German Finance Minister Wolfgang Schaeuble later said there was not much progress in the talks. "The Greeks say we're making good progress and then you have some of the finance ministers saying 'no'," Mike Reuter, a trader at Tradition, said. "There are so many problems still and some people think there won't be a solution this week, so given that volumes are terrible there is a chance again today and tomorrow that we'll see a bit of weakness in the market." Europe's biggest home improvement retailer, Kingfisher, bucked the trend, adding 3 per cent after posting a rise in first quarter retail profit, helped by a strong performance at Screwfix which lifted sales at its British arm.