FTSE down 0.78%; DAX down 0.89%; CAC 40 down 0.93% (Il Sole 24 Ore Radiocor) - London, 03 Sep - European shares closed lower amid concerns for slowing economic growth.

Today data showed that factory activity slowed more than expected in the US in August, while yesterday data showed that eurozone factories remained stuck in a rut last month.

The main focus of the week will however be the US jobs market data. The key nonfarm payrolls report on Friday could prompt the Federal Reserve to step up the monetary pivot most investors are expecting it to make this month.

Last week Fed chief Jerome Powell signalled 'the time is right' for an interest rate cut and investors are betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting in September.

The London FTSE 100 closed down 0.78% at 8,298.46 points, the Frankfurt DAX lost 0.89% at 18,755.94 points, the Paris CAC 40 fell 0.93% at 7,575.10 points, while in Milan the FTSE MIB dropped 1.33% at 33,863.43 points, and in Madrid the IBEX 35 closed 1.06% lower at 11,273.98 points.

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(RADIOCOR) 03-09-24 18:01:37 (0490) 5 NNNN