* FTSEurofirst 300 down 0.7 pct, Euro STOXX 50 down 0.7 pct
* Germany's ZEW signals sharp slide in investor morale
* LVMH's sales figures hurt luxury shares
* Good opportunities seen for short sellers
By Blaise Robinson
PARIS, April 16 European shares fell for the
third straight day on Tuesday due to concerns about global
growth, with Louis Vuitton owner LVMH a high profile
loser after poor sales figures from its fashion and leather
At 0928 GMT, the FTSEurofirst 300 index of top
European shares was down 0.7 percent at 1,166.67 points, after
losing 1.5 percent in the past two sessions.
Losses in Europe mirrored a sell-off on Wall Street on
Monday, where the S&P 500 fell 2.3 percent on the back of
worse than expected growth numbers from China and the shock of
two bomb explosions at the Boston marathon.
The jitters about global economic growth were heightened on
Tuesday by Germany's ZEW economic sentiment survey, which
dropped sharply in April in a sign that the recent flare-up of
the euro zone crisis was hitting Europe's largest economy.
The Mannheim-based ZEW think tank said its monthly poll of
economic sentiment fell to 36.3 points from 48.5 in March, well
below the consensus forecast in a Reuters poll of 38 economists
for a reading of 42.0.
Shares in LVMH sank 3.5 percent to a five-month
low, knocked lower by lower-than-expected sales from its fashion
and leather unit. The poor results weighed on the luxury sector,
with PPR down 2.6 percent, Burberry down 1.8
percent and Richemont down 1.8 percent.
Overall losses on Tuesday were limited, however, as the
basic resources sector recovered from a 6.5 percent drop
in two sessions, rebounding along with a number of metal prices
such as copper. Lonmin was up 4.2 percent and
Eurasian up 4 percent.
TradingSat analyst Alexandre Tixier warned the rebound in a
number of stocks on Tuesday could be just a short-lived
"We're looking for entry points, but not entry points to
buy, entry points to sell. This is a good market for short
sellers. The strategy here is to wait for a technical rebound
and go short again."
Around Europe, the UK's FTSE 100 index was down 0.6
percent, Germany's DAX index down 0.6 percent, and
France's CAC 40 lower by 0.7 percent. The euro zone's
blue chip Euro STOXX 50 index was down 0.5 percent
at 2,610.32 points.