European shares pare losses as commodities rally
LONDON, Aug 21 (Reuters) - European shares pared losses in afternoon trade on Thursday as commodity stocks rallied on higher crude and metal prices, though renewed credit jitters weighed heavily on banks.
By 1430 GMT, the FTSEurofirst 300 .FTEU3 of top European companies was down 0.4 percent at 1,160.30, well off its day's low of 1,148.69.
Energy stocks tracked higher crude prices CLc1, which traded above $119 a barrel. BP (BP.L: Quote, Profile, Research, Stock Buzz) added 0.7 percent, while Royal Dutch Shell (RDSa.AS: Quote, Profile, Research, Stock Buzz) put on 1.5 percent.
Miners also rose, with BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz) and Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) rising more than 2.7 percent.
Banks were the most prominent decliners on the FTSEurofirst 300. HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) shed 2.2 percent, Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) lost 1.3 percent and BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) fell 1.9 percent. (Reporting by Dominic Lau)
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