European shares fall on stalling global growth fears

August 18, 2011 10:31


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LONDON - European stocks fell early on Thursday, resuming their recent slide as focus returned to the stalling global economic recovery after a downbeat outlook from a US tech bellwether and on concerns of further fiscal tightening in China.

At 8:13 GMT, the FTSEurofirst 300 index of top European shares was down 1.1 percent at 960.91 points.

"At the start of the week, we were expecting a selloff and it hadn't materialized, with people selectively putting money into a few stocks keeping the froth alive, and so I think it is overdue," the head of institutional trading at a UK-based investment bank, said.

Swiss cement maker Holcim was the biggest faller across all sectors, sliding 7.3 percent after it reported forecast-lagging second-quarter results, hit by a strong Swiss franc and raw materials costs.

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