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Europe: Stocks start the week lower

[MILAN] European shares fell on Monday in a broad sell-off as the euro strengthened after ECB chief Mario Draghi did not express concern about a strong currency in a closely watched speech on Friday.

While London was closed for a holiday, reducing activity, euro zone blue chips fell 0.7 per cent to a one-week low, while the broader pan-European STOXX 600 index fell 0.6 per cent.

In his speech at a symposium of central bankers at Jackson Hole, European Central Bank's Draghi held back from talking down the currency, sending the euro to a 2-1/2-year high against the dollar.

All sectors suffered losses with financials and industrials being the biggest drag to the euro zone blue chip index.

Among the very few gainers were shares in telecoms firm Altice, up 1 per cent, as investors welcomed news of a 1 billion euro share buyback.

REUTERS

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