European shares ended at new 2-week lows on Monday as TV broadcasters fell after Germany's ProSiebenSat cut its 2004 market growth target, while growing fears about a U.S. lawsuit pounded insurers. Oil prices flirting with $55 a barrel also sapped sentiment as investors feared soaring energy costs could make it more difficult for companies to produce the kind of profit margin growth that investors have priced into share valuations. Crude prices dropped sharply after European markets had closed though, after the OPEC oil cartel cut its estimate of expected oil demand growth for next year. The cartel's comments helped the U.S. crude price recede to $53.20 a barrel and helped Wall Street turn positive. The FTSEurofirst 300 index of pan European blue chips ended off 0.3 percent at 992.1 points, extending to nearly 3 percent its decline from a five-month intraday high of 1,021.15 points hit on October 7. The narrower DJ Euro Stoxx 50 index was down 0.17 percent at 2,768.6 points. Drug maker Elan bucked the weaker trend, its shares up 5.6 percent despite the Irish firm dismissing a weekend report that U.S. peer Biogen Idec was considering a friendly bid for it. Opinions diverged on the impact that record-high energy costs could have on corporate profitability and consumer spending, with some market watchers forecasting that lower economic and earnings growth in the quarters to come provided a negative backdrop for equity markets. --More 2151 Local Time 1851 GMT
