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Europe shares hit 7-week closing low; banks fall

Published 11/29/2010, 11:39 AM
Updated 11/29/2010, 11:44 AM

LONDON, Nov 29 (Reuters) - European shares hit their lowest close in nearly seven weeks on Monday, after an 85 billion-euro bailout deal for Ireland failed to allay concerns that the euro zone debt crisis could spread to other countries.

The FTSEurofirst 300 index of top European shares fell 1.4 percent to end the day provisionally at 1,071.91 points, its lowest close since Oct 12.

Heavyweight euro zone banks were among the biggest losers. BNP Paribas, BBVA, Deutsche Bank and Societe Generale fell between 3 and 4.7 percent.

"The market has lost faith completely with European and political leaders and is now actively looking for the next domino to fall," said Jeremy Batstone-Carr, strategist at Charles Stanley.

"We've had no real salvation over the course of the weekend."

(Reporting by Brian Gorman)

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