BREAKING NEWS

European shares fall on US debt default concerns

By REUTERS

JULY 25, 2011 10:11

LONDON - European shares fell on Monday from their highest in more than a week in the previous session as investors cut riskier assets on the possibility of a first-ever US debt default after talks between Democrats and Republicans again collapsed.

At 0704 GMT, the FTSEurofirst 300 index of top European shares was down 0.6 percent at 1,102.33 points after closing 0.5 percent higher on Friday.

US President Barack Obama and congressional leaders have tried to reassure global markets that the country will be able to service its debt and meet other obligations after Aug. 2, when the Treasury Department will have exhausted its reserves.

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