European shares extend losses; eyes on ECB

jueves 2 de octubre de 2014 03:05 GYT

PARIS Oct 2 (Reuters) - European shares fell in early trading on Thursday, extending the previous session's sharp retreat and tracking losses on Wall Street, while investors awaited details on the European Central Bank's new asset-buying plan.

At 0702 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,364.02 points, after losing 0.9 percent on Wednesday.

Later on Thursday, the ECB will unveil a new asset-buying plan which it hopes will prop up inflation and revive the euro zone economy. The ECB plans to buy asset-backed securities (ABS) - packages of reparcelled loans - with a view to spurring the market for such credit and supporting lending to the small- and mid-sized firms that form the backbone of the euro zone economy.

A Reuters poll on Monday showed money market traders on average expect the ECB to buy a total of 200 billion euros of ABS and covered bonds over a year.

(Reporting by Blaise Robinson, editing by Tricia Wright)