European shares pare losses going into US open | Reuters at Current News

LONDON | Tue May 8, 2012 1:22pm BST

LONDON May 8 (Reuters) - European shares pared back earlier losses going into the Wall Street open on Tuesday, tracking a recovery in U.S. stock index futures.

The FTSEurofirst 300 traded flat at 1,034.26 by 1213 GMT, having traded as low as 1,025.63.

"The U.S. dealers have sat down and started buying," Joe Rundle, head of trading at ETX Capital, said.

The S&P 500 had fallen sharply at the back end of last week but has found support around its April closing low of 1,358.59, and remains in bullish territory above the 38.2 percent Fibonacci retracement of the LTRO rally that began in December.

Futures for the S&P 500, the Dow Jones and Nasdaq 100 were all down 0.2 percent. (Reporting by Tricia Wright)