European shares fell on Friday on concerns that weakness in the Chinese yuan could weigh on the global economy, while the slump in oil prices added to the gloomy mood before a widely expected rise in US interest rates next week.
The pan-European FTSEurofirst 300 index fell 2.14 per cent to its lowest level in around two months, and made its weakest weekly perfomance since August. The euro zone's blue-chip Euro STOXX 50 index .STOXX50E declined 2.04 per cent. "We have the yuan at 4-1/2 year lows and that is causing unease in China and abroad.
Last time the yuan fell like this, it caused a jolt for markets, and anyone exporting out to China, like the auto makers and luxury brands, will feel the pain from a weaker yuan," Jasper Lawler, market analyst at CMC, said.
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The pan-European FTSEurofirst 300 index fell 2.14 per cent to its lowest level in around two months, and made its weakest weekly perfomance since August. The euro zone's blue-chip Euro STOXX 50 index .STOXX50E declined 2.04 per cent. "We have the yuan at 4-1/2 year lows and that is causing unease in China and abroad.
Last time the yuan fell like this, it caused a jolt for markets, and anyone exporting out to China, like the auto makers and luxury brands, will feel the pain from a weaker yuan," Jasper Lawler, market analyst at CMC, said.
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