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Global stock markets still jumpy Global stock markets still jumpy
(about 4 hours later)
Fears about a global economic slowdown have continued to weigh on stock markets around the world, with Japan's main share index falling nearly 3%. Fears about a global economic slowdown, heightened by worsening US job figures, have continued to undermine stock markets around the world.
Lack of confidence was evident across Asia with markets in Singapore, China Australia and India all down 2%. The Dow Jones index was down a further 100 points, 1%, after figures showed the US economy shed 84,000 jobs last month. It had fallen by 3% on Thursday.
In Europe, markets fell in London, Paris and Frankfurt although not as sharply as on Thursday when eurozone and US economic worries hit sentiment. Earlier, Japan's main share index fell nearly 3% while markets in Hong Kong, China, Australia and India all slid 2%.
Analysts will be closely watching US employment figures due out on Friday. In Europe, markets fell in London, Paris and Frankfurt.
Wall Street saw heavy falls on Thursday, the Dow Jones dropping more than 3%, as traders reacted to a slew of poor economic data. 'Ugly' data
The US labour market figures - which showed the unemployment rate rising to 6.1% - were a further jolt to investors who have had to swallow a slew of poor economic data in recent days.
Economists had been expecting 75,000 jobs to be lost while the government also revised upwards.
"This was an ugly number that pretty much confirms that our economy continues to trend downward," said Jack Ablin, chief investment officer of Harris Private Bank.
"This just knocks the legs out of any hope of seeing much economic improvement right now."
'Uncertainty''Uncertainty'
Figures published on Thursday showed that US private employers cut 33,000 jobs in August.
This came on top of a report by the Federal Reserve which said economic activity continued to be "weak".
Experts believe Friday's figures will show that the US economy will have about shed 75,000 in August, the eighth month in a row that employment numbers have fallen.
Amid the uncertainty, few investors are willing to buy Masayuki Otani, Securities JapanAmid the uncertainty, few investors are willing to buy Masayuki Otani, Securities Japan
Japan's benchmark Nikkei index fell 361.54 points to 12,196.12 amid a widespread sell-off of shares in Asia. The FTSE 100 had shed 78 points, 1.5% by mid-afternoon 31 points in London in early trading, having fallen 2% on Thursday.
Markets in Paris and Frankfurt continued their recent downward trend, both the the Cac-40 index and the Dax-30 dropping about 2%.
Earlier Japan's benchmark Nikkei index fell 361.54 points to 12,196.12 amid a widespread sell-off of shares in Asia.
The Hang Seng index fell more than 3% in Hong Kong while markets also fell sharply in China, Australia and India.The Hang Seng index fell more than 3% in Hong Kong while markets also fell sharply in China, Australia and India.
"Amid the uncertainty, few investors are willing to buy," said Masayuki, Otani, chief market analyst at Securities Japan."Amid the uncertainty, few investors are willing to buy," said Masayuki, Otani, chief market analyst at Securities Japan.
"Several bad things happened at once," he added, explaining the fall."Several bad things happened at once," he added, explaining the fall.
GloomGloom
Worries about inflation have prevented central banks in Europe from cutting interest rates to help forestall a slowdown.Worries about inflation have prevented central banks in Europe from cutting interest rates to help forestall a slowdown.
But analysts believe this could change soon with economic forecasts across Europe looking increasingly gloomy.But analysts believe this could change soon with economic forecasts across Europe looking increasingly gloomy.
The European Central Bank cut its 2009 growth forecast from 1.5% to 1.2% on Thursday while the UK economy stalled in the second quarter.The European Central Bank cut its 2009 growth forecast from 1.5% to 1.2% on Thursday while the UK economy stalled in the second quarter.
The FTSE 100 shed 31 points in London in early trading, having fallen 2% on Thursday.
Markets in Paris and Frankfurt continued their recent downward trend, the Cac-40 index falling 33 points and the Dax-40 dropping 64 points.
In a separate development, the Russian rouble fell against the dollar a day after Russia's central bank intervened to support the currency amid concerns about a flight of foreign capital after the conflict with Georgia.In a separate development, the Russian rouble fell against the dollar a day after Russia's central bank intervened to support the currency amid concerns about a flight of foreign capital after the conflict with Georgia.
The central bank sold up to $4bn in reserves, the Financial Times reported, after the rouble slipped to its lowest level since February 2007.The central bank sold up to $4bn in reserves, the Financial Times reported, after the rouble slipped to its lowest level since February 2007.