FRANKFURT Oct 16 European shares opened sharply
lower on Thursday, tracking equity market losses in the United
States and Asia, on growing concerns about a global economic
By 0715 GMT, the FTSEurofirst 300 .FTEU3 index of top
European shares was down 5.5 percent at 854.01 points. The
benchmark fell 6.5 percent on Wednesday, having risen 10 percent
on Monday and 3.1 percent on Tuesday.
"Put your helmet on and fasten seat-belt," read the headline
of a Commerzbank morning note to clients. "The sell-off in
international equity markets continues," Commerzbank said.
Shares in UBS UBSN.VX and Credit Suisse CSGN.VX fell by
6 percent and 8 percent respectively after news that
Switzerland's two largest banks will receive billions of Swiss
francs in emergency funding from the country's government and
other investors to shore them up against the financial crisis.
Basic resources .SXPP, a sector which includes mining
companies, fell 9 percent with Rio Tinto (RIO.L) down 10 percent
and BHP Billiton (BLT.L) 9 percent lower.
"The situation on the financial markets remains tense,"
German bank Helaba said in a note.
"Attention is increasingly shifting to the real economic
consequences of the financial crisis, which are generating a
fresh wave of uncertainty," Helaba said.
(Reporting by Peter Starck)