European shares gave up early gains on Thursday after a survey showed growth in Germany's private sector slowed and French business activity barely grew in April, according to Reuters. After opening higher on the back of some positive company updates, the FTSEurofirst 300 index was down 0.5 percent at 1,619.72 points by 0808 GMT following Markit's flash composite Purchasing Managers' Index (PMI) for Germany. The German PMI index fell to 54.2 from March's eight-month high of 55.4. France's PMI showed slower expansion than forecast in the services sector and a faster contraction than expected in manufacturing. Swiss Re fell 8.7 percent after shares in the world's No. 2 reinsurer traded without the attraction of its latest dividend payouts. Shares in tyre maker Michelin rose 4.7 percent, making them top gainers in the FTSEurofirst 300, after first-quarter revenue rose 5.6 percent, boosted by a weaker euro. The STOXX Europe 600 auto and parts index rose 1.1 percent.
