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European stocks fall

Source: Reuters - Tue 18th Aug 2009

European shares were lower in early trade on Monday, retreating for a second day with banks and commodities the main fallers as investors became cautious on global recovery hopes.

By 8:10 a.m., the pan-European FTSEuro first 300 index of top shares was down 1.2 percent at 930.04 points.

In Asia, Chinese stocks slid 5.8 percent, while Japan's Nikkei average shed 3.1 percent.

"There is now a realisation that coming out of a recession is one thing, but building a recovery is another" said Justin Urquhart Stewart, director at Seven Investment Management.

"We are now down to how companies are going to grow. The growth we have seen out of Japan as well as Europe looks like it has been primarily based on government stimulation... the question is, is this sustainable?" he said.

Banks took the most points off the European index, with HSBC , BNP Paribas , UniCredit and Banco Santander down 1.2-1.8 percent.

Miners were in the doldrums as metal prices retreated on demand concerns. Fresnillo was 2.5 percent lower after it posted a 14 percent decline in first-half profits.

Energy stocks were lower as crude slipped below $67 a barrel. BG Group , BP , Royal Dutch Shell and Total were 0.6-0.8 percent lower.

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