LONDON: European shares started their first trading day of 2019 deep in negative territory on Wednesday as fears of a global growth slowdown, trade wars, rising US interest rates and political instability rolled over into new year.Investors were awaiting a new set of data to shed more light on health of European economy as sentiment has already been hit by disappointing Chinese data.At 0828 GMT, euro zone stocks were retreating 1.9 per cent with steep falls in Paris, down 2.5 per cent, Madrid, down 2.2 per cent and Milan down 2 per cent.In terms of sectors, laggards of 2018 were taking biggest hits.
Miners, autos, banks, and oil sectors were all sliding 2.2 to 3.5 per cent as crude prices fell and investors dumped cyclical parts of market most exposed to a slowing global economy.Oil services firm TechnipFMC saw worst performance, down 5.6 per cent.Among other big losers, medical equipment maker Gerresheimer was down 4.8 per cent after JP Morgan cut its rating on stock to "underweight", according to traders.