European shares slide as oil prices extend drop

martes 26 de enero de 2016 05:34 GYT
 

* FTSEurofirst 300 down 9 percent in year-to-date

* Oil stocks down as crude dips below $30

* Philips and Siemens up as results beat forecasts (Adds quotes, details)

By Danilo Masoni

MILAN, Jan 26 (Reuters) - European shares fell sharply on Tuesday, extending the previous session's losses on concerns over global economic growth and another drop in oil prices below $30 a barrel.

By 0909 GMT, the pan-European FTSEurofirst 300 was down 1.5 percent, after falling 0.7 percent on Monday, while the euro zone's blue chip Euro Stoxx 50 index was also down 1.2 percent.

Global stocks have had a rocky start to the year due to concerns over slowing growth in China and plunging crude prices, and with investors struggling to find safe haven investments.

There was a brief reversal in the selloff last week when European Central Bank chief Mario Draghi hinted at more stimulus, but worries have resurfaced over the central bank's ability to prop up the economy.

"There is massive doubt if any ECB action will be able not only to boost growth but also fight disinflation with both a slowing economy in China and lower oil prices likely to lead inflation even lower," City of London trader Markus Huber said.   Continuación...