Growth concerns hit European stocks; Burberry falls
LONDON, July 11 |
LONDON, July 11 (Reuters) - European shares fell on Wednesday as concerns around global growth weighed on cyclical shares including basic resources and autos.
The FTSEurofirst 300 index was down 0.6 percent at 1,033.34 points, largely reversing the previous session's gains, while the Euro STOXX 50 index fell 0.5 percent to 2,230.63 points.
After a clutch of weak corporate earnings from the United States, luxury goods maker Burberry led regional fallers after posting a slowdown in sales growth.
Sectorally, the STOXX Europe 600 Basic Resources were among the worst hit, down 0.9 percent, while autos fell 1.1 percent.
"It's not a healthy environment. An economic environment based on low interest rates and quantitative easing is not sustainable," said Brown Shipley fund manager John Smith. (Reporting by Sudip Kar-Gupta; editing by Simon Jessop)
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