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STOCKS NEWS EUROPE-Renault drops after bleak CEO comments

Fri Jul 10, 2009 3:24am EDT

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Shares in French car maker Renault (RENA.PA) fall 2.9 percent, the biggest losers on Europe's FTSEurofirst 300 .FTEU3 after the company's CEO Carlos Ghosn, who is also CEO of Nissan (7201.T), warns 2010 will be as difficult as 2009, and says he sees Europe and Japan returning to growth in the first quarter of 2011.

"I'm expecting 2010 to be as difficult as 2009. I am not expecting an immediate recovery," Ghosn says, noting that the end of scrappage schemes in European markets -- whereby governments fund cash bonuses for drivers exchanging old cars for new -- could be difficult.

On Paris-based trader says: "This is really quashing hopes of a recovery next year, which had pushed the stock higher this spring."

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Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net


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