European shares fall on economic growth woes

At 1:40pm, the FTSEurofirst 300 index of top European shares was down 0.8% at 687.43 points.

Financials such as Deutsche Bank, down 5.1%, UBS, down 3.1%, and BNP Paribas, down 3.9%, led the slide.

World Bank President Robert Zoellick told the Daily Mail newspaper that the global economy is on track for its worst recession since the 1930s with output likely to shrink by 1 to 2% this year.

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