Weak U.S. data, Greek debt fears hit European shares

European share prices fell on Wednesday, with sentiment hit by disappointing manufacturing data from the United States, and peripheral euro zone stocks fell sharply on renewed concerns over debt troubles in Greece.

The pan-European FTSEurofirst 300 .FTEU3 index of top shares closed 1.1 percent lower at 1,088.99 points.

Concerns about a slowdown in the economic momentum intensified after data showed the New York Fed's general business conditions index contracted for the first month since November, while the U.S. consumer price index (CPI) rose by a larger than expected number.

"There's a lack of motivation (among investors) to maintain long positions for any decent amount of time, reflecting the concerns about the economy that are still out there," said Joshua Raymond, market strategist at City Index.

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- Posted: 2011-06-15 13:00:12

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