China fears wipe 230 billion euros off leading European shares

lunes 24 de agosto de 2015 04:20 GYT

* FTSEurofirst 300 down 2.8 percent, Euro STOXX 50 down 2 pct

* Miners, financial services bear brunt of selling

* Every stock in index falls

By Alistair Smout

LONDON, Aug 24 (Reuters) - European stocks fell sharply at the open on Monday, wiping hundreds of billions of euros off the region's top share index, which hit a seven-month low after a rout in China unnerved global markets.

The pan-European FTSEurofirst 300 was down 2.8 percent at 1,382.46 points by 0755 GMT, wiping around 230 billion euros ($264.04 billion) off the index.

The STOXX 600 Basic Resources Index, comprising mainly miners, and the oil & gas sector fell 5.5 percent and 3.2 percent respectively, as commodities slumped to multi-year lows on the weakness in China, the world's top metals consumer.

Also sinking were fund managers, which are sensitive to market turmoil that could hit returns. The STOXX Europe 600 Financial Services index, down 3.6 percent.

"We are in the midst of a full-blown growth scare... (and) China is at the epicentre" strategists at JP Morgan Cazenove said in a note, adding that recent investor worries might be overdone.   Continuación...