European shares drive lower

0 Comments | AFP, August, 2008

LONDON (AFP) — European stock markets declined on Wednesday, with automakers hit by the rising cost of crude oil, and amid ongoing jitters about the impact of the global credit crunch, dealers said.

London's FTSE 100 index of top shares shed 0.59 percent to stand at 5,438.30 points in late morning trade.

Frankfurt's DAX 30 shed 1.15 percent to 6,267.45 points and in Paris the CAC 40 slid 1.07 percent to 4,321.88 near the half-way stage.

In the foreign exchange market, the European single currency rebounded to 1.4723 dollars after hitting a six-month low on Tuesday on fears of a potential recession in the eurozone, analysts said.

Wall Street ended mixed Tuesday as data showing a rise in US consumer confidence and new home sales failed to generate...