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No christmas cheer for European shares

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No christmas cheer for European shares

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A poll of 44 investment houses in the US, Japan and Britain suggests investors are returning to shares and selling bonds, one of the first signs markets may be stabilising.

But markets were down in Europe on Monday, falling on average by one and a half percent. UK retailers appear braced for a poor christmas as optimism faded, and shares in many leading high street names fell. Banks were also broadly weaker, as were carmakers, oil companies, and some mining shares. Associated shares, such as tyremaker Michelin also fell as the French giant took a 150 million euro costs hit, and said demand was falling. It is to scale back production.