European shares pare losses after U.S. store sales data

Last Updated: Tue, May 14, 2013 12:30 hrs

LONDON, May 14 (Reuters) - European shares pared losses on Tuesday, with traders citing data forecasting an acceleration in U.S. chain stores sales this month.

ICSC Research said it expects May same-store sales to rise between 3 and 4 percent, excluding drug store sales, in May, marking an acceleration from the 1.2 percent increase recorded in the seven days to May 11.

The data came on the back of a surprising rise in U.S. retail sales on Monday and traders said an ebullient market, awash with central bank money, was receptive to any good news.

"Good news is fantastic news," Ronnie Chopra, head of strategy at TradeNext, said.

The pan-European FTSEurofirst 300 index was flat at 1,232.23 points at 1215 GMT after trading as low as 1,226.01 points earlier on.

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