Europe shares slide on economic recovery concerns

LONDON, Aug 31 (BestGrowthStock) – European shares sharply fell in
early trade on Tuesday and were on track to end the month lower
as growing concerns about the pace of global economic recovery
forced investors to stay on the sidelines.

A steep decline in crude oil prices (CLc1: ) on expectations
of higher crude inventories and worries about a weakness in oil
demand hurt energy shares. The STOXX Europe 600 oil and gas
index (.SXEP: ) fell 1.2 percent, while Royal Dutch Shell
(RDSa.L: ), BG Group (BG.L: ) and Tullow Oil (TLW.L: ) dropped 1.6 to
3.2 percent.

At 0703 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top
European shares was down 1.2 percent at 1,013.61 points after
falling 0.1 percent in the previous session. The index is down
2.9 percent so far this month.

“If you look at all the noise, all the volatility and all
the nervousness, it’s clear that this market has one major fear
at the moment and that’s the double dip. It’s not the best
scenario, but there is a risk to that,” said Philippe Gijsels,
head of research at BNP Paribas Fortis Global Markets.

(Reporting by Atul Prakash)

Europe shares slide on economic recovery concerns