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European shares hit 14-week low

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European shares hit 14-week low

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European shares slumped on Friday by more than 1.55, hitting their lowest close since mid March. Analysts blamed continued worries about the financial industry, high oil prices and rising inflation.

The financial sector was again hammered. Dutch-Belgian financial group Fortis fell 5.1%, British mortgage lender HBOS lost 4.9% and Switzerland’s UBS shed 3.3%. Carmaker Fiat fell 9% after its Chief Executive forecast a “disastrous’‘ car market in Italy this month.