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Car makers and commodities pull down European shares

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Car makers and commodities pull down European shares

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Thursday was another down day for European shares, which closed over 1% lower as analysts said that earnings are sending mixed signals.

Car makers shares were hammered after Daimler and Renault both cut their annual forecasts.

Daimler sank 9.6%, Fiat lost almost 5% and Peugeot Citroen just over 7% while Renault dropped 3.4%.

Energy companies lost ground as the price of crude oil continues to slide while miners fell as metals prices weakened.

Dutch mail company TNT plunged 16% after the Wall Street Journal reported that takeover talks with FedEx had ended.

One bright spot was Credit Suisse which surged 5.3% after posting forecast-beating earnings, but rest of the banking sector lost value.