U.S. Markets

European shares fall as G20 fails to strike new measures

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 24, 2016. REUTERS/Staff/Remote

LONDON (Reuters) - European shares retreated from a three-week high on Monday and were on track for their third-straight month of losses as a weekend meeting of the G20 group of leading economies failed to strike new, concrete measures to boost growth.

The Group of 20 finance ministers and central bankers declared on Saturday they needed to look beyond ultra-low interest rates and printing money to shake the global economy out of its torpor, with a communique flagging a series of risks to world growth, including volatile capital flows and a sharp fall in commodity prices.

The pan-European FTSEurofirst 300 index .FTEU3 was down 1 percent in early trading after ending 1.6 percent stronger on Friday. It has fallen more than 4 percent this month and is on track for its third-straight month of losses.

However, Morrisons MRW.L rose 5.5 percent after Amazon AMZN.O struck a wholesale supply deal with the British supermarket that will help the online retailer step up its food offering in Britain with fresh and frozen products.

Reporting by Atul Prakash