European shares closed lower on Friday after third-quarter U.S. economic growth came in at its weakest in more than three years and hit U.S. stocks, Reuters reported. The pan-European FTSEurofirst 300 index ended down 0.3 percent at a provisional 1,448.5, but above an intra-day low of 1,443.5 and below a five-year high of 1,462.3 struck on Thursday. The index is up more than 13 percent so far this year. The DJ Stoxx telecoms index rallied 1.7 percent to its highest level since early 2002, with Deutsche Telekom, France Telecom and Vodafone all rising after some companies beat earnings forecasts. "Obviously this sector has lagged the overall market for quite a long time and therefore a lot of these, particularly big-cap names have become pretty cheap," said Bruno Lippens, senior portfolio manager at Robeco in Rotterdam.
