European shares rise but set for worst week since late Aug on China woes

by Danilo Masoni
January 8, 2016

European shares inched higher on Friday, steadying a little after this week’s sell-off on concerns over China, where stocks climbed after Beijing halted use of a new circuit breaker mechanism.

The pan-European FTSEurofirst 300 was on track for its steepest weekly drop since late August, however, when markets were similarly hit by worries over China, the world’s second-largest economy.

By 0905 GMT, the FTSEurofirst 300 index was up 0.8 percent but was still on track for its steepest weekly drop since late August. The euro zone’s blue-chip Euro STOXX 50 index also advanced by 0.7 percent.

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