European shares slip after weak U.S data, led by CS, auto stocks

jueves 4 de febrero de 2016 11:34 GYT
 

* FTSEurofirst 300 index down 0.7 percent

* Commodities shares among top gainers

* Credit Suisse slumps after reporting losses

* ING up on solid results, reassuring message on oil risk (Recasts, adds details, updates prices)

By Danilo Masoni

MILAN, Feb 4 (Reuters) - European shares fell on Thursday as weak U.S. data fed concerns that the world's biggest economy may be slowing down, with export-oriented auto stocks leading the decline and Credit Suisse tumbling after reporting a full-year loss.

U.S. nonfarm productivity slumped in the fourth quarter and jobless claims rose more than expected, data showed. That put added pressure on the dollar, which has been weakening as expectations for more U.S. interest rate cuts this year fade.

"The dollar is weakening because the market is starting to worry that the strength of the internal labour market may not be enough to contain the headwinds," said Marco Vailati, head of research at Cassa Lombarda. "What's needed are strong data that pour cold water on mounting expectations for a slowdown".

The FTSEurofirst 300 index was down 0.7 percent by 1458 GMT, after falling 1.6 percent in the previous session, while the STOXX 600 index fell by a similar amount to 327 points. Swiss bank UBS cut its year-end target for the STOXX 600 by 8 percent to 400 points.   Continuación...