October 9, 2012 / 3:35 PM / 7 years ago

European shares fall, brace for gloomy earnings

LONDON, Oct 9 (Reuters) - European shares fell in thin trade on Tuesday as gloomy economic data set the backdrop for a tough start to the third-quarter reporting season in the United States.

Equities suffered a broad selloff as the International Monetary Fund cut its expectations for global growth and investors fretted the U.S. earnings season, due to start later on Tuesday, may surprise negatively.

“Expectation for the earnings season is muted,” Manish Singh, head of investment at Crossbridge Capital, said.

“We need more confirmation (the U.S. economy is bottoming out) before according higher multiples to earnings.”

The pan-European FTSEurofirst 300 index provisionally closed 0.5 percent lower at 1,095.32 points.

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