Cyprus worries halt Europe shares' winning streak
Updated: 2013-04-12 16:32
LONDON - European shares edged lower on Friday to end a four-day run higher, with some traders citing concerns that Cyprus may need more bailout money as a main factor weighing on markets.
The pan-European FTSEurofirst 300 slipped 0.3 percent to 1,189.31 points, while the euro zone's blue-chip Euro STOXX 50 index declined 0.5 percent to 2,660.67 points.
European Union finance ministers are meeting on Friday and Saturday, with Cyprus' bailout among the top items on the agenda.
The Luxembourg finance minister said on Friday that Europe and the International Monetary Fund could not increase their 10 billion euro ($13.13 billion) contribution to Cyprus' bailout, but worries remain that Cyprus may need more.
"There is the potential that Cyprus may need more money, and that may be a reason for investors to book a bit of profit on the back of the recent strong run," said Central Markets chief strategist Richard Perry.