European shares fall from 5-month high on Fitch

European shares fell from a five-month high on Wednesday after Fitch Ratings warned that the European Central Bank should take a more active role in buying troubled euro zone debt to avert a collapse of the euro and as major indices hit resistance levels.

Volume was low and trade was choppy, with the FTSEurofirst 300 index struggling to gain after it hit technical resistance at 1,028 points - its intermediate high in October 2011 - and fell firmly into the red after the Fitch comments.

Although Fitch said a collapse of the euro was not its baseline scenario, it urged the ECB to scale up its purchases of troubled euro zone debt like Italy and drop its resistance to the bloc's bailout fund to prevent a break out from happening.

Read Full Article from Reuters

- Posted: 2012-01-11 12:30:57

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