European shares inch up

European stock markets inched higher to post a third straight day of gains of Wednesday, tracking a rally on Wall Street, but sentiment remained fragile with all eyes on whether euro zone finance ministers will agree an economic rescue package.
The pan-European STOXX 600 index ended up 0.02%, reversing earlier losses of as much as 1.5%. Equities posted a strong start to the week on hopes that the rate of coronavirus infections was plateauing in western Europe and the United States.
London shares closed down 0.5%, paring earlier losses of up to 2%, while the main index in Paris finished 0.1% higher.
With countries doubling down on lockdowns to curb the spread of the virus, analysts have further cut profit estimates for STOXX 600 firms, with first-quarter earnings now expected to slide 15.7% compared with the Jan. 1 forecast of a 10.5% rise.
Energy, mining, insurers and bank stocks were among the biggest decliners. Defensive real estate stocks gained 1.4%, while travel and leisure led with a 3.3% rise.
UK insurers, including Direct Line and Aviva PLC, were among the biggest decliners on the STOXX 600 after they cancelled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday to conserve funds to tackle the fallout from the pandemic.
Sources said carmaker Renault's board might also consider suspending its dividend while miner Rio Tinto said it would press ahead with its own payout.
The pan-region benchmark index has gained about 20% since hitting an eight-year low on March 16, boosted by aggressive global stimulus measures, but remains 25% below its all-time high.