European shares lower

European shares fell on Wednesday for a fourth consecutive session, to a fresh 11-month closing low, on global growth concerns after US service sector data disappointed, and on worries the eurozone debt crisis could be spreading to Italy.
The decline was extended after US service sector growth was revealed to have dropped unexpectedly in July, intensifying concern the global economy is slowing down. Compounding this were worries the debt crisis could be engulfing Italy, the eurozone's third-largest economy, as bond yields remained above 6 percent, a level seen as unsustainable.
The STOXX Europe 600 Banks index reversed earlier gains to end 2.2 percent lower and feature among the worst performers. It has fallen 11.2 percent, since a second bailout for Greece was agreed last month, on concerns about debt contagion in the region and slowing global growth.
Earnings news hit Societe Generale, which dropped 9 percent in volume triple its 90-day daily average after results missed forecasts, hindered by its exposure to Greece. The pan-European FTSEurofirst 300 index of top shares closed down 2 percent at 1,027.52 points - its biggest percentage drop since March - in volume running at 150 percent of its 90-day daily average.
The index, however, briefly pared losses after the US private employers' report, seen as a precursor to Friday's US non-farm payroll data, topped forecasts. Italy's benchmark equities index, the FTSE MIB, fell 1.5 percent and is the first of the major European indexes to slip into bear market territory, having dropped 27 percent since a peak in mid-February. Commodities featured among the worst performers on the worries about global growth, with the STOXX Europe 600 Basic Resources index and the STOXX Europe 600 Oil & Gas index down 3.2 percent.