European shares touch 2-month lows on China concerns

viernes 11 de diciembre de 2015 08:34 GYT
 

* FTSEurofirst 300 down more than 3 pct this week

* Weak yuan, oil prices put pressure on market

* Bearish broker comments hit Dialog shares (Adds details, updates prices)

By Sudip Kar-Gupta and Danilo Masoni

LONDON/MILAN, Dec 11 (Reuters) - European shares fell on Friday on concerns that weakness in the Chinese yuan could weigh on the global economy, while a continued slump in oil prices added to the gloomy mood before a widely expected rise in U.S. interest rates next week.

The pan-European FTSEurofirst 300 index fell 1.4 percent to its lowest level in around two-month lows, while the euro zone's blue-chip Euro STOXX 50 index < .STOXX50E> also declined by a similar amount.

"We have the yuan at 4-1/2 year lows and that is causing unease in China and abroad. Last time the yuan fell like this, it caused a jolt for markets and anyone exporting out to China, like the auto makers and luxury brands, will feel the pain from a weaker yuan." Jasper Lawler, market analyst at CMC, said.

Shares of French carmaker Renault, watchmaker Swatch, fashion house Hugo Boss were down 3 to 4 percent.

The FTSEurofirst is down by more than 3 percent so far this week and also down around 6 percent since the start of December, after the European Central Bank disappointed some investors with only limited new economic stimulus measures this month.   Continuación...