European shares extend losses as banks retreat

PARIS: European stocks extended their losses on Wednesday as investors booked profits on banking stocks, hit by fears pressure on the European Central Bank to write down its Greek bond holdings could compromise its ability to purchase peripheral debt.

At 1109 GMT, the FTSEurofirst 300 index of top European shares was down 0.9 percent at 1,035.30 points.

Shares of telecom gear makers were also taking a beating after Ericsson missed profit and sales forecasts and said network operators will remain cautious on spending in the months ahead.