* FTSEurofirst 300 index falls 1.1 percent
* Index make worst quarterly loss since 2008
* Autos, miners worst quarterly performers
By Joanne Frearson
LONDON, Sept 30 (Reuters) - European shares fell on Friday, posting their worst quarterly performance since 2008, wiping $1.2 trillion off their value, on worries global growth was stalling, with weak China manufacturing figures the latest data to suggest a slowdown.
The torrid quarterly performance had also been hit by concerns about the euro zone sovereign debt crisis, with policymakers still yet to come up with a suitable plan to ease the situation.
Adding to the concerns for the growth outlook was news the Chinese HSBC purchasing managers index had fallen for the third straight month.
Carmakers and mining stocks were among the bottom performers on Friday, down 3.9 percent and 1.4 percent respectively on the news from China.
The sectors were also the worst performers for the quarter, with carmakers falling 33.7 percent and miners down 31.3 percent as fears have grown about their demand outlook.
"Weak manufacturing in China is worrying the market," Colin McLean, managing director of SVM Asset Management, said, adding that any revisions down in Chinese growth would hit mining stocks as inventories would rise and put pressure on prices.
"We have been light on base metal miners for more than a year and cut down on major diversified miners since July and are not changing our position," McLean said.
Luxury goods maker Swatch Group , which generates 33.4 percent of its revenue in China, was also a standout loser on the worries about a slowdown in the country, down 7 percent in volume nearly three-fold its 90-day daily average.
The pan-European FTSEurofirst 300 index of top shares closed down 1.1 percent at 923.41 points and has lost 16.9 percent for the quarter, its worst since the end of 2008.
The index had been testing a key support level its 50 percent Fibonacci Retracement from its March 2009 low to its February 2011 high or 918.53 and had briefly dipped below it in the session.
The next support level was seen at the 61.8 percent Fibonacci Retracement or 854.09.
Earlier in the week European shares had been given a boost on hopes an action plan by policymakers was coming together to help ease the region's debt crisis and the FTSEurofirst 300 index ended the week 4.7 percent higher -- its best week since July 2010.
Bank stocks , which had started the week higher on hopes policymakers were preparing to leverage up the euro zone rescue fund, made a weekly gain of 8.5 percent.
But the banking sector lost 28 percent for the quarter, making it also one of the worst quarter performers and ended Friday down 2.9 percent as the optimism about an action plan faded towards the end of the week.
FUND MANAGERS WARY
The outlook looked grim for the fourth quarter, with funds saying they were reluctant to increase their exposure to risky assets due to the slowdown in growth and the euro zone debt crisis.
"We're not particularly bullish on equities ... the global economic slowdown has become increasingly apparent," said Lothar Mentel, chief investment officer at Octopus Investments, which manages nearly $4 billion.
"As a result, we have been taking profits. We have been looking to put them back into more defensively-positioned equity funds, and also some of the long/short holdings within our alternative strategies portfolio." (Reporting by Joanne Frearson; Editing by Jon Loades-Carter) ============================================================ For rolling updates on what is moving European shares please click on ============================================================ For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. STOXX Europe index.................................. Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers.......................<.PG.PEUR ============================================================ For rolling updates on what is moving European shares please click on ============================================================ For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. STOXX Europe index.................................. Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................
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