European shares hit fresh 3-week low, oils weigh

European shares hit fresh 3-week low, oils weigh

London: European shares hit a three-week low for a second session on Thursday, with energy and banking stocks the biggest losers after results from Royal Dutch Shell and Deutsche Bank.

By 0807 GMT, the pan-European FTSEurofirst 300 index of top shares was down 0.5% at 975.49 points after falling to a low of 974.50, the lowest level in three weeks.

“Markets had run ahead of themselves and are correcting. There are worries US. GDP figures may be weaker than expected, with other economic data like home sales not that great," said Bernard McAlinden, market strategist at NCB Stockbrokers.

US third-quarter gross domestic product figures are out at 1230 GMT and will be closely watched by investors for insight into the health of the world’s biggest economy. Energy stocks featured among the biggest losers as oil fell towards $77 a barrel. Royal Dutch Shell slipped 2.6% after it said third-quarter net profit fell 73% and chief executive Peter Voser warned of a slow recovery.

BG Group, BP and Total were down 1 to 1.8%.

Banks were on the downside. Deutsche Bank fell 4.7%.