European shares stage broad selloff after weak German data

martes 7 de octubre de 2014 07:02 GYT

* FTSEurofirst 300 down 0.9 pct, reverses two-day rebound

* Grim German data fuels worries over economic outlook

* Rio jumps after rejects merger approach by Glencore

By Liisa Tuhkanen and Francesco Canepa

LONDON, Oct 7 (Reuters) - European shares staged a broad-based selloff on Tuesday as weak German industrial output data darkened the outlook for the region's largest economy.

All but one sectoral indexes in the pan-European STOXX Europe 600 fell. The basic resources index was the only exception, rising 1 percent as news of a rejected merger approach by Glencore for larger rival Rio Tinto rekindled speculation about consolidation in the mining industry.

At 1032 GMT, the FTSEurofirst 300 index of top European shares was down 0.9 percent at 1,338.17 points, giving up most of a 1.1 percent rise over the previous two sessions.

Frankfurt's DAX fell 0.8 percent after data showed the biggest drop in Germany's industrial production since the financial crisis in early 2009.

The report, which came hard on the heels of disappointing German industrial orders on Monday, raised question marks about a country that investors expected to be Europe's growth engine, and piled further pressure on the European Central Bank to do more to stimulate the region's economy.   Continuación...