19 Aug '11, 12pm

European stocks extend freefall on recession, bank fears

European stocks extend freefall on recession, bank fears

LONDON - Global stocks tumbled further and safe bet gold surged to new records Friday on mounting fears of fresh global recession amid weakening growth in top economies and poor liquidity at European banks. European stock markets were slumping in midday trade with the banking sector again routed amid weak liquidity concerns, while Asian indices closed with huge losses after sharp declines on Wall Street overnight. The euro inched lower against the dollar and the US currency dropped versus the yen, whose strength continued to hurt Japanese exporters. "Weak data continues to make the hairs on the back of investors necks stand up and with volatility remaining high across global equity markets, the reaction in the markets to this sensitivity remains quick and severe," said Joshua Raymond, chief market strategist at City Index traders in London. London was down 2.55 percent, Fr...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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