European Shares Dip, Autos Down on Oil Price Concerns

The European shares fell early on Monday, as investors worried about high oil prices affecting company earnings and global growth, and as the Group of 20 countries said Europe must commit more money to fight the debt crisis before seeking their help. The FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,072.64 points, reported by Reuters.

Crude oil has hit record highs in euro terms in recent days, sparking worries about global growth prospects.

“The oil price is very definitely in focus. And the threat of world recession would unsettle equities. The industrials may suffer,” said Jeremy Batstone-Carr, strategist at Charles Stanley.

The auto sector, a strong performer in 2012, fell 1.6 percent.