November 7, 2012 / 3:00 PM / 5 years ago

European shares fall as U.S. election relief fades

LONDON, Nov 7 (Reuters) - European shares extended losses on Wednesday, as relief over the U.S. election result was eclipsed by concerns over the U.S. “fiscal cliff” of automatic American tax hikes and spending cuts.

The FTSEurofirst 300 index was down 0.8 percent at 1,106.39 points by 1457 GMT, with the Dow Jones Industrial Average off 1.4 percent.

“We’re correlating with the U.S....People are now starting to digest the result in terms of what it actually means for the market. We did have a very strong day yesterday as well,” said Joshua Raymond, a strategist at London-based firm City Index.

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