European shares edge lower as banks fall

LONDON (BestGrowthStock) – European shares fell slightly on Monday, on further doubts about the economic recovery after downbeat data from both Japan and the United States, though trading volumes were low.

The FTSEurofirst 300 (.FTEU3: ) index of top European shares fell 0.1 percent to a provisional close of 1,044.36 points.

The heavyweight banking sector was among the fallers, with Credit Suisse (CSGN.VX: ), Deutsche Bank (DBKGn.DE: ) and Royal Bank of Scotland (RBS.L: ) down between 1.6 and 2.5 percent.

“Much of the data is showing that there’s a bit of a slowdown. It might put the jobs recovery back by a few quarters, but our view is that we won’t tip into an outright recession,” said Richard Lacaille, global chief investment officer at State Street in London.

“But it’s summer and we’re in that low volume period where pieces of news are seized on.”

Cairn Energy (CNE.L: ) advanced 5.3 percent after Vedanta Resources (VED.L: ) planned to spend up to $9.6 billion clinching control of Cairn India (CAIL.BO: ). Vedanta rose 4.9 percent.

(Reporting by Brian Gorman)

European shares edge lower as banks fall