European shares lower

European stocks fell early on Thursday as weak results from French tyre-maker Michelin and consumer goods group Unilever added to a subdued tone for global equities overnight. Unilever fell 3 per cent in London by 0705 GMT after it reported a weaker-than-expected 2.1 per cent rise in third-quarter sales on Thursday as a slowdown in emerging markets continued to crimp performance. Michelin was down 4.8 per cent as it cut its full-year sales goal and said it would rein in investment after third-quarter sales fell 4.6 per cent, weighed down by an emerging-market slump and weaker European truck tyre demand. Adding to the gloom, a survey of French manufacturing activity came in lower than expected. Investors were awaiting equivalent surveys from Germany and the euro zone as a whole at 0730 GMT and 0800 GMT. The pan-European FTSEurofirst 300 index was down 0.8 per cent at 1,299.11 points, according to Reuters.