June auto sales stall amid fears recovery is sputtering (AFP)

Car sales in Europe dropped by 18.6 percent in July and 12.9 percent in August on 12-month comparisons, official data from the European Automobile Manufacturers Association showed on Thursday.August was the fifth straight month of declining sales as many European countries wind down their cash-for-clunkers programmes launched last year to prop up the ailing auto market during the global economic crisis.Sales fell 7.4 percent in April, 9.3 percent in May and 6.9 percent in June.

Finance ministers from the Group of Seven industrialized nations, wrapping up a meeting in Istanbul, warned Saturday that the recovery remains "fragile" and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy.» E-Mail This     » Add to Del.icio.us

The World Economic Forum's annual meeting broke up on Saturday night amid warnings that attendees were too relaxed and optimistic about the state of the global economy.

European shares are seen heading lower Wednesday as investors take in weaker U.S economic data amid fears the fragile economic recovery at the world’s largest economy could be only temporary.