European shares fall on U.S. Fed's grim view on recovery

  • Reuters
  • Stock Market News
European shares fall on U.S. Fed's grim view on recovery
Credit: © Reuters.

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Aug 20 (Reuters) - European stocks were hit by a wave of selling in global equity markets on Thursday after the U.S. Federal Reserve signalled a long and difficult path of recovery for the world's largest economy.

The pan-European STOXX 600 index .STOXX fell 1.2% by 0712 GMT, with miners .SXPP slumping 2.7% due to lower metal prices. MET/L

Other economically sensitive sectors such as banks .SX7P and automakers .SXAP and oil and gas .SXEP dropped between 1.6% and 1.9%.

Chilean miner Antofagasta 's shares ANTO.L fell 4.3% after it posted a 22.4% plunge in first-half core earnings on lower copper sales, but said it would pay an interim dividend. losses were broad-based, with Wall Street indexes retreating from all-time highs on Wednesday after the Fed's minutes from its latest policy meeting showed policymakers concerned that an economic recovery would need stimulus measures for a far longer period. notable gainers, Intercontinental Hotels Group IHG.L jumped 2.6% and France's Accor ACCP.PA gained 2.0% after a French newspaper reported the hotel operators examined a merger.

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