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| Global economy woes shake markets | |
| (about 2 hours later) | |
| Fears about a global economic slowdown, heightened by worsening US job figures, have continued to undermine stock markets around the world. | Fears about a global economic slowdown, heightened by worsening US job figures, have continued to undermine stock markets around the world. |
| London's FTSE 100 index lost 2.3% - taking its weekly decline to 7% - its biggest since July 2002. | |
| Markets in Paris and Frankfurt fell by 2.5% as economy concerns spread. | Markets in Paris and Frankfurt fell by 2.5% as economy concerns spread. |
| Wall Street pared early losses, but was still down after figures showed the US economy shed 84,000 jobs last month. The Dow Jones fell 3% on Thursday. | |
| Earlier, Japan's main share index fell nearly 3% while markets in Hong Kong, China, Australia and India all slid 2%. | Earlier, Japan's main share index fell nearly 3% while markets in Hong Kong, China, Australia and India all slid 2%. |
| 'Ugly' 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. | 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. | 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 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." | "This just knocks the legs out of any hope of seeing much economic improvement right now." |
| 'Uncertainty' | 'Uncertainty' |
| Amid the uncertainty, few investors are willing to buy Masayuki Otani, Securities Japan | Amid the uncertainty, few investors are willing to buy Masayuki Otani, Securities Japan |
| The FTSE 100 closed down 2.3% at 5,240.70 points. The last time it lost so much value in a week was more than six years ago in the wake of financial scandals such as Enron and WorldCom. | The FTSE 100 closed down 2.3% at 5,240.70 points. The last time it lost so much value in a week was more than six years ago in the wake of financial scandals such as Enron and WorldCom. |
| Markets in Paris and Frankfurt continued their recent downward trend, both the Cac-40 index and the Dax-30 dropping about 2.5%. | Markets in Paris and Frankfurt continued their recent downward trend, both the Cac-40 index and the Dax-30 dropping about 2.5%. |
| Earlier Japan's benchmark Nikkei index fell 361.54 points to 12,196.12 amid a widespread sell-off of shares in Asia. | 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. |
| Gloom | Gloom |
| 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. |
| 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. |