European shares open lower as macro gloom resurfaces

LONDON, Oct 8 (Reuters) - European shares traded lower earlyon Monday, surrendering some of the strong gains made in theprevious sessions, as weak economic estimates for Asia hurtsentiment and investors start to position for a weak earningsseason.

The World Bank cut its economic growth forecasts for theEast Asia and Pacific region, warning that the slowdown in Chinacould get worse and last longer than expected.

"The big bogeyman in the closet is China and everyone istrying to guesstimate if it's going to have a hard landing or asoft landing," said Philippe Gijsels, head of research at BNPParibas Fortis Global Markets in Brussels.

"We'll have some cautious guidance, which normally doesn'thelp markets."

The U.S. third-quarter reporting season, set to start onTuesday, was expected to show the first decline in earnings inthree years, according to Thomson Reuters data.

At 0708 GMT, the pan-European FTSEurofirst 300 wasdown 0.7 percent at 1,103.51 points.

(Reporting By Francesco Canepa)


ers Messaging: francesco.canepa.thomsonreuters.com@reuters.net))