European shares slumped early on Monday, tracking big losses in Asia as intensified fears of a global recession hit banks and energy shares, while Volkswagen soared as Porsche raised its stake. By 0935 GMT the FTSEurofirst 300 index of top European shares was down 4.4% at 793.52 points, adding to Friday's decline of 4.9%. Asian shares extended losses on Monday, with Japan's Nikkei sliding 6.4% to its lowest close in 26 years, as central bank policy moves including a record rate cut in South Korea were not enough to allay fears of a global recession. Around Europe, Germany's DAX is lower by 3.8%, London's FTSE is down by 4.7% and France's CAC is off 6.4%. (Reuters)