European shares head for worst month in four years

  • Reuters
  • Stock Market News
European shares head for worst month in four years
Credit: © Reuters.

LONDON, Aug 31 (Reuters) - European shares fell on Monday, with Germany's DAX and France's CAC on track for their worst month in four years, plagued by sliding Chinese stocks and the threat of a U.S. rate increase as early as September.

At 0706 GMT, the DAX .GDAXI , the CAC .FCHI and the euro zone's Euro STOXX 50 .STOXX50E were down 0.5 to 0.6 percent. Volumes were likely to be thin with UK markets closed for a public holiday.

The Euro STOXX 50, the DAX and the CAC, all down about 9 percent in August so far, were set to record their worst monthly performance in percentage terms in four years.

The Fed left open on Friday the possibility of a September interest rate increase, although several officials at the U.S. central bank acknowledged that prolonged turmoil in financial markets might delay the first policy tightening in nearly a decade.

Shanghai stocks .SSEC , which have plunged more than 40 percent since mid-June, were down about 1 percent, while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 0.4 percent and was on track for a fall of about 10 percent this month.

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