Germany's DAX hits one-year low as European shares skid

viernes 10 de octubre de 2014 12:52 GYT

* Biggest weekly U.S. outflow from Europe in 2 months

* Some fund managers still expect ECB QE down the road

* DAX falls 2.4 pct, FTSEurofirst 300 falls 1.6 pct

By Sudip Kar-Gupta

LONDON, Oct 10 (Reuters) - European shares dropped sharply on Friday and Germany's stock market, one of the region's best performers since the 2008 financial crisis, fell to a one-year low as concerns mounted over the German and global economies.

The DAX, which had soared to a record high of 10,050.98 points in June, closed down by 2.4 percent at 8,788.81 points, its lowest level since October 2013.

The pan-European FTSEurofirst 300 index fell 1.6 percent to 1,292.98 points, while the euro zone's blue-chip Euro STOXX 50 retreated 1.7 percent to 2,991.50 points.

The recent sell-off has prompted U.S.-based investors to cut their exposure to Europe, according to data from Thomson Reuters Lipper that shows European equities suffering their biggest outflows in two months in the seven days to Oct 8.

A Lipper poll of 109 U.S.-domiciled funds invested in European stocks, which include exchange-traded funds' (ETFs) holdings, shows net outflows of $329 million, the biggest weekly redemptions since mid-August.   Continuación...