European shares fall at open as rate-cut effect fades

European shares edged lower at the open on Monday, with China’s rate-cut effect fading slightly in Europe after markets rallied to two-month highs last week on signs of more central bank support.

The pan-European FTSEurofirst 300 index was down 0.6 percent, while the euro zone’s blue-chip Euro STOXX 50 index fell by 0.5 percent.

Technology group Philips fell 2 percent, in spite of better than expected results, after saying the sale of its $3.3 billion Lumileds division was in doubt due to unexpected opposition from the U.S. government.

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