LONDON Nov 14 European shares fell on
Wednesday, led by Ryanair, as unrest in Europe over austerity
measures raised fresh concerns over the economic outlook and
overshadowed some upbeat company results.
The FTSEurofirst 300 provisionally closed down 8.8
points, or 0.8 percent, at 1,090.34, paring gains on Tuesday
which came after speculation Spain might be closer to asking for
Spain's reluctance to ask for aid centres around the
punishing austerity measures the embattled country would be
forced to adopt to qualify for payments.
Olli Rehn, the EU's top economic official, said measures
announced for 2014 by Spain on deficit reductions fall short of
what is required, although it has taken effective action to
address its budget deficits in 2012 and 2013.
"There are still some big macro headwinds out there," said
David Hambidge, who leads the multi-asset team at Premier Asset
Management, which has around 3 billion pounds of assets under
"We wouldn't chase the market higher from this level but
should equities have a reasonable correction then we would be
looking to add to our position," he said.
Strikes in Spain and Portugal on Wednesday in protest
against spending cuts and tax hikes shut transport links across
the Iberian peninsula.
The strikes, which closed airports, added further pressure
to Irish budget airline Ryanair, which was also trading
without its dividend rights. The stock led fallers, down 6.2
percent in volume nearly five times its 90-day daily average.