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Utilities drag European shares from near 2-yr high

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LONDON, Jan 7 (Reuters) - European shares fell for the first
time in 2013 on Monday, with utilities leading a broad retreat
after a gloomy sector note from Deutsche Bank.

After chalking up a 3 percent weekly gain and hitting a near
two-year closing high in the previous session, fuelled by a U.S.
budget deal and a solid U.S. jobs report, the FTSEurofirst 300
provisonally ended down 0.5 percent at 1,161.44 points.

"I don't think it's a great surprise that we see a pause,"
said Andrew Milligan, head of global strategy at Standard Life
Investments, which has around 163 billion pounds ($261
billion)of assets under management.

"Generally the backdrop is that clients do seem a little
more confident about the world given the economic data that's
appearing, or the absence of the 'fiscal cliff' debacle which
was hanging over the markets in December."

Utilities stocks were the standout fallers on
Monday, off 1.6 percent, after Deutsche Bank downgraded several
firms and advised that there are no safe havens in the sector,
traders said.

http://www.globalpost.com/dispatch/news/thomson-reuters/130107/utilities-drag-european-shares-near-2-yr-high