Euro shares fall over Spain worries

 

European shares fell on Monday as uncertainty over any rescue deal for Spain and worries over weak results from the region's top companies pushed stock markets lower.

Volumes were expected to be subdued, with the U.S. stock and options markets shut due to Hurricane Sandy.

The FTSEurofirst 300 index fell 0.4% to 1,092.55 points, while the euro zone's blue-chip Euro STOXX 50 index fell 0.7% to 2,479.50 points.

Madrid is under pressure from investors to seek a sovereign bailout, but European Central Bank (ECB) policymaker Ewald Nowotny said on Sunday that Spain had no immediate need of help from the ECB's planned new bond-buying programme.

"The focus is still on Spain, and it's been a fairly mixed bunch of results from European companies," said Berkeley Futures associate director Richard Griffiths, who added that European equities would find it hard to make much progress this week.