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Global growth worries hit shares, oil

Oct 08 2012 10:19 Reuters

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London - European stocks, oil and gold fell on Monday as concerns over the global economic outlook and its impact on the coming corporate earnings season weighed on investor sentiment.

The World Bank cut its estimate for East Asian growth including for China, and this has undone some of the positive sentiment that followed Friday's sharp drop in US unemployment for September.

"The big bogeyman in the closet is China and everyone is trying to guesstimate if it's going to have a hard landing or a soft landing," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

However, national holidays in Japan and the United States on Monday were expected to limit trading activity.

The pan-European FTSEurofirst 300 was down 0.7% at 1,103.51 points in early trade with the German DAX down 0.8% despite data showing an unexpected jump in German exports during August.

Seasonally adjusted exports jumped 2.4% month-on-month, far outperforming expectations for a drop of 0.5% and beating even the highest forecast in a Reuters poll of 17 economists for a 0.5% rise.

"It is incredible how German exports are winning in such a tough environment," said DekaBank economist Andreas Scheuerle.

The signs of strength in Europe's biggest economy failed to help to the euro which was down 0.4% at $1.2975.

The fragile economic outlook saw Brent crude for November delivery fall 90 cents at $111.12 a barrel, while the gold price edged down 0.2% to $1 777.89 an ounce.

In Europe investors are also focused on a meeting of eurozone finance ministers later. They will formally launch the region's new permanent bailout fund and are expected to discuss the problems facing Spain and Greece.

But they are not expected to make major progress in solving the debt crisis so German government bond futures were ticking higher in early trade.


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