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Over $1 trillion wiped off top Europe shares in August

Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany, August 24, 2015. REUTERS/Staff/remote

LONDON (Reuters) - A top European share index is set for its biggest monthly fall since 2008 and has lost over $1 trillion (637 billion pounds) of value so far in August, driven by worries over the health of China's economy that have hit global markets.

The pan-European FTSEurofirst 300 (.FTEU3) is down 12 percent so far in August, its biggest monthly drop since October 2008.

The index has lost 1.1 trillion ($1.26 trillion/803 billion pounds) euros in market value since the start of the month. An unexpected devaluation of the Chinese yuan and disappointing data from the world's No. 2 global economy have fuelled the sell-off and stoked fears of deflationary pressures.

(Reporting by Alistair Smout; Editing by Lionel Laurent)