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British publisher Pearson slumped 13 percent after warning about
its earnings, and financials were hit as Swedish banks missed
earnings expectations and Credit Suisse announced plans to raise
6 billion Swiss francs ($6.29 billion)capital after missing
expectations also.
Chinese bourses gave up earlier gains to close down 3 percent,
the biggest fall since September 15. Resources and energy stocks
in Europe took their cue from China's weakness and were among
the biggest losers in early trading.
In bonds, the cautious mood made for slightly lower yields,
while commodities prices fell - copper futures were down 1
percent and crude oil futures were down more then 1 percent.
"This is a response to the late sell-off in China," said Craig
Erlam, senior market analyst at Oanda in London.
"It was reminiscent of the kind of heavy selling that we saw
back in August when emerging market concerns were very high,
which in turn weighed on sentiment in Europe," he said.
In early trading the FTSEuroFirst index of leading 300 European
shares was down two thirds of one percent at 1,423 points
Pearson and Credit Suisse were the two biggest losers, down 14
percent and 4.5 percent, respectively.
Germany's DAX was down 0.2 percent, France's CAC 40 was down 0.5
percent and Britain's FTSE 100 was down 0.3 percent.
In Asia MSCI's broadest index of Asia-Pacific shares outside
Japan slipped 0.3 percent.
In Japan, the slowest growth in exports in over a year fuelled
talk of recession but the prospect of more stimulus from the
Bank of Japan lifted the Nikkei 225 by almost 2 percent to
18.554 points.
($1 = 0.9534 Swiss francs)
(Reporting by Jamie McGeever; Editing by Jermey Gaunt; To read
Reuters Global Investing Blog click on http://blogs.reuters.com/globalinvesting;
for the MacroScope Blog click on http://blogs.reuters.com/macroscope;
for Hedge Fund Blog Hub click on http://blogs.reuters.com/hedgehub)
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