European shares hit one-week closing low

January 25, 2012 19:04


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LONDON - European shares fell to a one-week closing low on Wednesday on worries about the outcome of debt talks in Greece, while weak earnings news was also a major drag after Ericsson's results came in below expectations.

Ericsson dropped 14.1 percent in heavy volume, topping the fallers list, after the results and were also another sign the euro zone debt crisis was taking its toll on companies.

"The market wants to see exactly how the situation in Greece will pan out," said Mike Lenhoff, chief strategist at Brewin Dolphin Securities. "If this is a stalemate that cannot be broken it could lead to upheaval in the markets."

"Earnings have not been good, estimates are being revised downwards and are a reflection of what is going on in Europe. We are defensive as the outlook is cloudy."

The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.6 percent at 1,039.01 points.

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