European shares fall as Japan slips into recession

lunes 17 de noviembre de 2014 05:26 GYT
 

* FTSEurofirst 300 down 0.4 percent

* Oil majors, oil services hit by renewed slump in crude

* H&M boosted by forecast-beating sales

* JPMorgan upgrades European equities to 'overweight'

By Blaise Robinson

PARIS, Nov 17 (Reuters) - European shares dropped on Monday, hit by concern over the pace of global growth after data showed Japan, the world's third-largest economy, unexpectedly slipped into recession.

Shares in Hennes & Mauritz bucked the trend, rising 1.3 percent after the world's second-biggest fashion retailer posted a 14 percent rise in October sales from a year ago, beating forecasts.

At 0853 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,339.92 points.

Japan's economy shrank an annualised 1.6 percent in July-September, following a 7.3 percent drop in the second quarter in the wake of a sales tax hike that clobbered consumer spending.   Continuación...