Recession concerns cause shares to slump

EUROPEAN share prices fell yesterday as investors picked over last week's poor US economic data, trying to fathom whether global economies are about to fall back into recession.

But the dollar and bonds were steady amid the general market uncertainty and thin summer holiday trade.

Insurers and technology stocks were hard hit and banking giant HSBC was among only a handful of bright lights, reporting earnings at the top end of market expectations and offering reassurance on its bad debt provisions.