October 23, 2018 / 7:44 AM / 24 days ago

European shares fall to lowest levels in nearly two years

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LONDON, Oct 23 (Reuters) - European shares fell to their lowest levels in nearly two years on Tuesday as a new batch of third-quarter earnings failed to offset growing concerns on Brexit, Italy’s budget, Saudi isolation, trade wars, Chinese growth and U.S. interest rates.

The pan-European STOXX 600 was down 1.1 percent at 0826 GMT, its lowest level since December 2016 as it headed towards a fifth day of losses after a negative close in Asia and on Wall Street.

Other benchmarks sustained heavy losses, such as Germany’s DAX down 1.4 percent, also at December 2016 lows.

“Risk off the table as geopolitical tensions remain,” was the message from LCG analyst Jasper Lawler to his clients ahead of the open.

The European tech sector posted the worst performance, down 2.2 percent after chipmaker AMS tumbled and lost 17 percent after its outlook failed to convince investors. (Reporting by Julien Ponthus; editing by Josephine Mason)

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