Economic Calendar

Thursday, September 4, 2008

Europe stocks extend losses ahead of rate decisions

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LONDON, Sept 4 (Reuters) - European shares extended losses by mid-morning on Thursday as banks added to early declines and Sanofi-Aventis (SASY.PA: Quote, Profile, Research, Stock Buzz) led drug stocks lower.

At 0941 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,177.45 points, ahead of rate verdicts from the Bank of England at 1100 GMT and the European Central Bank at 1145 GMT.

HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) took most points off the index, down 2 percent.

BP (BP.L: Quote, Profile, Research, Stock Buzz) helped to limit the index's losses, as it reached an agreement on BP-TNK, its troubled joint venture in Russia. BP was up 3.9 percent. Other oils also gained, including Total (TOTF.PA: Quote, Profile, Research, Stock Buzz), up 1.4 percent, as oil prices rose.

(Reporting by Brian Gorman)




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