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Falling oil price cushions European shares

Falling oil price cushions European shares
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European shares trimmed their losses by the end of the day on Tuesday but still finished lower for the first time in five sessions. However, Frankfurt, Paris and Milan just struggled into positive territory.

Shares picked up after the price of crude dropped around 3% as a tropical storm in the Gulf of Mexico is expected to miss major oil and gas installations.

Banks suffered from lower quarterly results at US bank Wachovia. Telecoms and technology stocks were hard hit by poor outlooks from Vodafone, Texas Instruments and Apple. Vodafone’s lowered outlook for full-year revenue caused its shares to fall around 14%.

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