Global shares slip after US data

Global shares pared early gains to trade mostly lower today after US manufacturing activity hit a three-year low in November, offsetting signs of revived growth in China.

US stocks fell on, with the S&P 500 and Nasdaq erasing early gains as disappointing US factory numbers curbed optimism spurred by positive data on China's economy.

The Dow Jones industrial average was down 39.57 points, or 0.30 percent, at 12,986.01. The Standard & Poor's 500 Index was down 3.97 points, or 0.28 percent, at 1,412.21. The Nasdaq Composite Index was down 3.22 points, or 0.11 percent, at 3,007.02.

European shares hit a 17-month high but gave up most gains in a late sell-off today after disappointing US manufacturing data and on persistent concerns about the fiscal standoff in the United States.

The FTSEurofirst 300 index hit a 17-month high of 1,128.65 points in the morning session before closing well below its intraday high.

The index, which finished 0.2 percent higher at 1,121.15 points, is still up 12 percent so far this year and has surged 18 percent since a multi-month low in June, partly on recent encouraging global economic data.