Weaker commodities drag European shares to 8-week low
Milan: A fall in commodity stocks and continued profit taking sent European shares to an eight-week low on Wednesday, but Airbus rallied after winning a big jets order.
A slide in crude oil prices on worries over the outlook for demand and weaker metal prices weighed on mining and energy stocks like Rio Tinto (RIO.L) and Royal Dutch Shell (RDSa.L).
Their falls sent the pan-European STOXX 600 index down 0.6 percent to its lowest level since Sept. 21.
The UK's top share index FTSE 100 .FTSE declined 0.3 percent and Germany's export oriented DAX .GDAXI index fell 0.7 percent, weighed down by a stronger euro.
Banks .SX7P were also among the biggest losers, down 0.9 percent, but falls were spread across sectors as investors continued to take profits following this year’s rally.
The STOXX is still up nearly 6 percent so far this year.
On the positive side, Airbus (AIR.PA) rose 3.4 percent.
Airline pioneer Bill Franke placed a historic order for 430 Airbus A320neo-family jets in a deal which was worth $49.5 billion at list prices.
Lanxess (LXSG.DE) was the biggest faller on the STOXX, down 4.8 percent following its earnings update.