European shares slide, insurers hit by Munich Re forecast

0 Comments | AFP, July, 2008

LONDON (AFP) — Europe's main stock markets dropped on Friday, led by the insurance sector which tumbled after German re-insurance giant Munich Re warned that its 2008 net profit would miss targets.

Overall, losses on the continent's leading indices were less acute than those suffered by Asian markets in reaction to a sharp fall on Wall Street overnight that had been caused by weak US housing data, dealers said.

Approaching midday trade in London, the FTSE 100 index of top companies had fallen by 0.77 percent to stand at 5,321.00 points.

Frankfurt's DAX 30 dropped 1.32 percent to 6,355.93 points and in Paris, the CAC 40 shed 0.74 percent to 4,315.80.

The Euro Stoxx 50 index of leading eurozone shares declined by 1.26 percent to 3,312.41.

The...