Euro zone business activity moves closer to recovery in Feb
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March 5 Reuters European shares moved lower on Tuesday as pledges by China to transform its economy amid stuttering growth failed to impress investors, while markets grew cautious ahead of a string of euro zone and U.S. economic data.

The panEuropean STOXX 600 was down 0.3 by 910 GMT, after settling just below alltime highs on Monday.

Basic resources and oil and gas shares declined 0.6 each as a firmer dollar and disappointment from the lack of fresh supportive measures in China sparked concerns over demand and slower consumption.

China vowed to transform its economic development model and curb industrial overcapacity while setting an economic growth target for 2024 of around 5, similar to last year39;s goal. However, analysts assume the 5 target will be harder to reach this year and expect China to lower its annual growth ambitions in the future.

Back at home, data showed the slowdown in France39;s services sector eased in February, while business activity in Germany39;s services sector remained under pressure from weak demand in February.

The overall euro zone business activity showed signs of recovery last month as the bloc39;s dominant services industry expanded for the first time since July, offsetting a deeper contraction in manufacturing….