* FTSEurofirst 300 index down 0.2 percent
* Miners slip after strong run
* Whitbread falls after trading update
* For up-to-the minute market news, click on []
By Joanne Frearson
LONDON, Dec 14 (Reuters) - European shares slipped on
Tuesday after their longest winning streak in five months as
investors await the U.S. Federal Reserve Open Market Committee
announcement for more signs about the economy.
By 0950 GMT, the pan-European FTSEurofirst 300 <>
index of top shares was down 0.2 percent at 1,126.71 points
after gaining for a sixth straight session on Monday as optimism
about the global recovery has grown.
"There has been a little bit of a pull back in the markets,"
Philip Isherwood, European equities strategist at Evolution
Securities, said. "Investors are cautious ahead of the Fed as
economic data has been strong since the announcement and wonder
if quantitative easing is needed.
"There are also worries about the impact on inflation. It is
unlikely the Fed is going to do anything to modify as early as
this meeting."
The U.S. Federal Reserve announces its interest rate
decision and assessment of its bond-buying program after the
European market close, with the central bank not expected to
signal any shift away from its intention. []
Miners fell as investors took profits following gains in the
previous session after copper <MCU3=LX> touched record highs on
strong Chinese macro data.
Rio Tinto <RIO.L>, BHP Billiton <BLT.L> and Vedanta
Resources <VED.L> were 0.3 to 1.4 percent lower. Eurasian
Natural Resources <ENRC.L>, however, was up 0.6 percent, boosted
after UBS upgraded it to "buy" from "neutral".
Drugmakers, however, gave the market some support as
investors stuck to defensive shares, with the STOXX Europe 600
Health Care <.SXDP> 0.3 percent higher.
Another strong mover was airline Lufthansa <LHAG.DE> which
gained 1.8 percent after Credit Suisse upgraded the company to
"outperform" from "neutral".
WHITBREAD FALLS
Looking at individual stocks, Whitbread <WTB.L> fell 2.2
after Panmure Gordon downgraded it to "hold" from "buy", saying
it does not expect consensus expectations to be raised, even
though the company reported strong profit growth this year.
"We are not expecting consensus expectations to move upwards
given what seems to have been a difficult start to Q4 given the
recent weather conditions and the strong comparative period,"
Panmure Gordon analysts said.
TUI Travel <TT.L> slipped 1.3 percent as traders cited
valuation grounds after its parent company TUI AG <TUIGn.DE>
reported strong full year results.
The technical picture did look positive, with the
FTSEurofirst 300 index getting close to becoming "overbought".
The relative strength index (RSI) hit 63 -- 70 and above is
considered "overbought territory".
Later in the session, investors will look at U.S. November
retail sales, due at 1330 GMT, while November producer prices
are also at 1330 GMT, and October business inventories are at
1500 GMT.
Across Europe, the FTSE 100 <> index was down 0.2
percent, Germany's DAX <> was 0.1 percent lower and
France's CAC 40 <> was down 0.2 percent.
(Reporting by Joanne Frearson; Editing by Mike Nesbit)
