European shares down

European stocks suffered their biggest daily fall in three weeks yesterday, led lower by financials and weakness on Wall Street, where a key index fell more than one per cent as credit fears resurfaced. The FTSEurofirst 300 index ended down 0.88 per...

European stocks suffered their biggest daily fall in three weeks yesterday, led lower by financials and weakness on Wall Street, where a key index fell more than one per cent as credit fears resurfaced.

The FTSEurofirst 300 index ended down 0.88 per cent at 1,586.92 points. Europe's benchmark index, up about seven per cent on the year, is still three per cent below a six-and-a-half-year high hit in mid-July before turmoil in the US subprime mortgage market hit equity markets worldwide.

Shares in Dutch group Philips Electronics fell 5.7 per cent as its key medical systems unit showed a surprise decline in earnings.

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