LONDON (Reuters) - European shares fell in early trade on Thursday to snap a five-day winning run after the United States deflated hopes of an early economic recovery by cutting its growth forecasts.
At 8:10 a.m., the FTSEurofirst 300 <.FTEU3> index of top European shares was down 0.9 percent at 868.20 points. The benchmark has rallied nearly 35 percent from a lifetime low hit on March 9.
"There are concerns finally coming through about where the underlying growth is going to come from," said Justin Urquhart Stewart, investment director at Seven Investment Management.
"We need a growing level of demand. There's a certain amount of restocking happening, and unfortunately the market has been taking that as a sign of a recovery, which it is not," he said.
Miners were broadly weaker, with BHP Billiton <BLT.L>, Rio Tinto <RIO.L> and AngloAmerican <AAL.L> down 2-3.2 percent as copper fell 2 percent, while heavyweight oil shares BP <BP.L>, Shell <RDSa.AS> and Total <TOTF.PA> lost 1.5-2 percent as oil took a breather below $62 a barrel.
Steelmaker ArcelorMittal <ISPA.AS> was a prominent faller, losing 3.5 percent after Moody's cut its rating to the lowest investment grade, citing concerns over the effect weak steel markets will have on the company's credit profile.
(Reporting by Sitaraman Shankar)