European shares drop to five-week low as global growth worries persist

jueves 2 de octubre de 2014 06:43 GYT
 

* FTSEurofirst 300 dips 0.5 pct to lowest since late August

* Traders await details of ECB's asset-buying plan

* Seadrill shares fall, weaker oil prices weigh

By Atul Prakash and Blaise Robinson

LONDON/PARIS, Oct 2 (Reuters) - European stocks slipped for a second straight session on Thursday, with a benchmark share index hitting a five-week low as growth worries persisted after soft manufacturing data from Asia and Europe.

By 1023 GMT, the FTSEurofirst 300 index of top European shares was down 0.5 percent at 1,360.15 points, having lost 0.9 percent on Wednesday.

The pan-European index, which is still up about 3 percent this year, has fallen 3.6 percent over the past two weeks, dragged down by a flurry of sales and profit warnings as well as by growing concerns over the timing of the U.S. Federal Reserve's expected interest rate hike next year.

"All eyes are on the S&P 500 and whether or not it's entering a bearish trend. If we get a 'sell' signal on the index, then we're set for a serious correction, but it's too early to say if this is what's going to happen," Aurel BGC chartist Gerard Sagnier said.

Traders were keen for details on the European Central Bank's new asset-buying plan, due later on Thursday, which the ECB hopes will prop up inflation and revive the euro zone economy.   Continuación...