European shares slip off highs as Greek worries linger
LONDONMar 24, 2015 - 12:00 am GMT+3
Mar 24, 2015 12:00 am
European shares slipped from multi-year highs on Monday, with car stocks hurt by a rise in the euro and lingering worries over Greece leading investors to book profits. The STOXX Europe 600 Autos Index, which has risen around 30 percent this year, underperformed. Volkswagen fell 3 percent while Peugeot declined 2.1 percent. The euro has fallen about 25 percent against the dollar over the past year, helping the auto industry by making exports cheaper. However, the euro rebounded on Monday after comments by U.S. Federal Reserve officials, who said it was unclear how much more the dollar would strengthen against the euro. Traders said that lingering uncertainty over Greece was also pegging back European stock markets. The pan-European FTSEurofirst 300 index was down 0.9 percent at 1,597.29 points, having climbed 0.8 percent on Friday to hit a 7-1/2-year high of 1,613.80 points. Germany's DAX, which hit a record high of 12,219.05 points last week, also shed 1.4 percent to 11,868.20 points.
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Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University