December 8, 2014 / 8:13 AM / 3 years ago

Europe shares fall, led by Italian stocks after credit downgrade

PARIS, Dec 8 (Reuters) - European shares fell in early trading on Monday, trimming some of the previous session’s sharp gains, following soft macro data from China and Japan while Italian shares dropped after S&P downgraded the country’s credit rating.

Milan’s MIB index was down 0.7 percent, with Banco Popolare down 1.3 percent and BMPS down 0.9 percent.

S&P on Friday cut the country’s sovereign credit rating from BBB to BBB-, just one notch above junk, citing weak growth and poor competitiveness which undermine the sustainability of its huge public debt.

At 0806 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,399.68 points, after surging 1.8 percent on Friday. (Reporting by Blaise Robinson; Editing by Atul Prakash)

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