LONDON, March 10 European shares extended the
previous session's steep losses on Monday, with miners hit by
weak Chinese economic data that revived concerns about slowing
growth in the country, the world's biggest metals consumer.
Investors, already jittery due to tension in Ukraine, where
Russian forces seized another border post and a military
airfield, faced weekend data from China showing a surprisingly
sharp drop in exports, which tipped the country's trade balance
into a deficit.
"Chinese figures, together with some news on renewed tensions
in Crimea, have equity markets on the defensive. Germany is hurt
a bit more than the others as it is an exporter nation with vast
interests in both Central Europe and China," Philippe Gijsels,
head of research at BNP Paribas Fortis Global Markets, said.
"However, in the larger scheme of things this is probably a
healthy correction. We see this as a little pause and not the
end of the bull market and remain buyers of the dip."
The European basic resources index, fell 2 percent
after slipping 3.5 percent in the previous session, tracking a
steep decline in base metals prices.
At 0806 GMT, the FTSEurofirst 300 index of top
European shares was down 0.2 percent at 1,323.95 points after
falling 1.3 percent on Friday.