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Markets dip ahead of US jobs data | |
(40 minutes later) | |
European markets fell at the start on Friday, amid nervousness as investors await key US jobs data. | European markets fell at the start on Friday, amid nervousness as investors await key US jobs data. |
London's FTSE 100 dropped 1.8% in the first two hours of trading, while Frankfurt's Dax fell 2.7%. | London's FTSE 100 dropped 1.8% in the first two hours of trading, while Frankfurt's Dax fell 2.7%. |
Global manufacturing sector surveys released on Thursday have added to fears the global economy may be on the verge of another downturn. | Global manufacturing sector surveys released on Thursday have added to fears the global economy may be on the verge of another downturn. |
All eyes will be on US payroll data for August due later in the day for a sign of which way the economy is headed. | All eyes will be on US payroll data for August due later in the day for a sign of which way the economy is headed. |
New data from the UK on Friday also pointed to a further slowdown in the construction sector. | New data from the UK on Friday also pointed to a further slowdown in the construction sector. |
The market sell-off - which ends a four-day rally - began in late trading in the US on Thursday, where the Dow Jones ended the day 1% lower, before continuing in Asia on Friday morning, where Tokyo's Nikkei fell 1.2%, and Hong Kong's Hang Seng 1.8%. | The market sell-off - which ends a four-day rally - began in late trading in the US on Thursday, where the Dow Jones ended the day 1% lower, before continuing in Asia on Friday morning, where Tokyo's Nikkei fell 1.2%, and Hong Kong's Hang Seng 1.8%. |
Banks were among the worst performers. | Banks were among the worst performers. |
In the UK, Lloyds fell 4.4% and Barclays 4.1%, while on the continent Commerzbank was down 4.5%, Deutsche Bank 4.3% and Credit Agricole 4%. | In the UK, Lloyds fell 4.4% and Barclays 4.1%, while on the continent Commerzbank was down 4.5%, Deutsche Bank 4.3% and Credit Agricole 4%. |
AstraZeneca dropped 3.4% after a disappointing trial of its new cholesterol drug, Crestor. | AstraZeneca dropped 3.4% after a disappointing trial of its new cholesterol drug, Crestor. |
The latest falls follow a highly volatile August, with markets globally rocked by a slew of weak economic data from the US and Europe. | The latest falls follow a highly volatile August, with markets globally rocked by a slew of weak economic data from the US and Europe. |
There were also fears over the impact of government austerity programmes, and concern at the implications of the downgrade of some governments' credit ratings, including that of the US. | There were also fears over the impact of government austerity programmes, and concern at the implications of the downgrade of some governments' credit ratings, including that of the US. |
Have you been affected by the current economic crisis? Would you be willing to talk to the BBC? Send your comments and experiences using the form below. | Have you been affected by the current economic crisis? Would you be willing to talk to the BBC? Send your comments and experiences using the form below. |