European shares end sharply lower as Volkswagen dives

martes 22 de septiembre de 2015 12:37 GYT

* Pan-European FTSEurofirst 300 index down 3.3 pct

* Volkswagen wipes off one third of value in 2 days

* Miners among top fallers as copper prices plunge

* Outokumpu drops 24 pct after profit warning

By Danilo Masoni

MILAN, Sept 22 (Reuters) - European bourses fell sharply on Tuesday on concerns over the global economy, with Volkswagen plunging to four-year lows and dragging down the whole auto sector as investors gauged the implications of an emissions scandal.

Shares in Europe's largest car maker, which fell almost 20 percent on Monday after it admitted cheating in U.S. emissions tests, declined another 19 percent in heavy trading as investigations spread to Asia and Europe.

"We would continue to avoid the auto sector as this issue has the potential to roll on and it's more likely than not to involve more than just one original equipment manufacturer," brokerage Aviate Global wrote in a note.

Volkswagen said it would cut its earnings guidance and set aside about 6.5 billion euros in the third quarter to cover costs related to the emissions scandal in the United States and other markets. It said the amount could still change as the investigation unfolds.   Continuación...