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Europe: Shares extend drop as slowdown fears take hold

European shares rose on Wednesday after reaching 2015 lows as a bruising quarter ended, with a Chinese tax cut boosting automakers while miner Glencore rallied after saying it had no solvency issues.

[LONDON] Europe shares extended their losing streak on Thursday, tracking global weakness after US Federal Reserve minutes dented expectations for a rate hike in mid-September and commodities took a hit from slowdown fears.

The pan-European FTSEurofirst 300 index was down 0.6 per cent at 0713 GMT, with blue-chip indexes in London, Paris and Frankfurt down 0.4 to 0.8 per cent. "The current earnings expectations for Europe given the global growth outlook are probably too high and it may require additional action from the ECB (European Central Bank),"Deutsche Bank Managing Director Nick Lawson said in a note to clients.