European equity bourses extend declines on earnings concerns and also recession fears. Traders note a report from Morgan Stanley analysts downgrading 2008 growth forecast for the UK to 1.7% from 2.5% and also lowered forecasts for the first part of 2009. CAC-40 is down 156pts (-4.45%), Xetra-DAX is down 207pts (-4.14%) and FTSE-100 is down 156pts (-3.54%).