European shares close lower; UBS leads banks down
FRANKFURT, Feb 28 (Reuters) - European shares fell on Thursday with financial stocks weighed down by renewed worries about a U.S. recession as well as remarks by Federal Reserve Chairman Ben Bernanke that there probably will be bank failures.
The FTSEurofirst 300 index of top European shares ended unofficially 1.8 percent lower at 1,333.99 points.
Shares in Swiss bank UBS (UBSN.VX: Quote, Profile, Research) fell 4.9 percent after Morgan Stanley warned that deteriorating credit markets could force it into even more than the 15 billion Swiss francs ($14.11 billion) in possible new writedowns it has already pencilled in. (Reporting by Peter Starck)
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