European blue-chips were firm yesterday afternoon after US growth data buoyed sentiment but failed to spark further rises, while German re-insurer Munich Re also checked gains with disappointing earnings.
Nokia fell 1.7 per cent after a new growth strategy and a reiterated earnings guidance failed to dispel fears that cutthroat competition will depress growth at the world's top mobile phone maker.
But fund manager Amvescap helped with gains of seven per cent after Deutsche Bank upgraded the stock to "hold" from "sell" and the Anglo-US firm said it would fight expected US charges of improper mutual fund trading.
At 1505 GMT the FTSE Eurotop 300 index of pan-European blue chips was up 0.13 per cent at 935.98 points, off the session high of 940.60, while the narrower DJ Euro Stoxx 50 index was straddling breakeven.
Annualised third-quarter US gross domestic product growth was revised up to a forecast-beating 8.2 per cent, the biggest rise since nine per cent in the first quarter of 1984, from a previous estimate of 7.2 per cent.
The Conference Board's monthly gauge of US consumer confidence was up at 91.7 in November, above both the consensus of 85.0 and the October reading of 81.1.
Strategists think investors are taking stock of their positions ahead of the US Thanksgiving holiday tomorrow.
"The market isn't really reacting to the strong economic recovery story in the United States," said Jane Foley, strategist at Barclays Capital.
Economists were positive about a 14 per cent rise in US business investment, the largest gain since 15 per cent in the first quarter of 2000, which together with jobs growth should sustain the economy.
But some think a strong US-led global recovery has been priced in and that investors were looking for excuses to take profits on equities and square books ahead of the new year.
"There's a fair bit of equity issuance next week," said Michael Hartnett, director of European equity strategy at Merrill Lynch. "It'll probably cap gains in the next few days."
On Wall Street, the Dow Jones industrial average was straddling breakeven, while the tech-laden Nasdaq Composite was up 0.23 per cent at 1,951.29.
Germany's benchmark Dax index was up 0.32 per cent at 3,748.94, Britain's FTSE 100 rose 0.3 per cent at 4,395.6, France's CAC picked up 0.54 per cent to 3,430.57 and the Swiss SMI was up 0.46 per cent at 5,329.9.
Munich Re, the world's biggest reinsurer, fell 5.8 per cent after saying it would end 2003 with a loss due to tax charges and though returning to quarterly profit, delivered a number that missed forecasts by a big margin.
Similarly, Danish Group 4 Falck dived 8.6 per cent. The world's second-largest security services firm posted profits that fell short of market expectations and cut its full-year guidance.
Mobile phone operator mm02 ceded 2.5 per cent after NTT DoCoMo said it had no plans to take over the British company, denying a weekend report that mmO2 could be a bid target for Japan's top wireless carrier.
However, BNP Paribas gained 1.2 per cent on news that the French bank had bought out a joint venture banking partner in China and raised the capital of the now wholly owned operation. Foreign banks will be able to do yuan business with Chinese companies from December 1.