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Markets dip ahead of US jobs data Markets fall on weak US jobs data
(about 2 hours later)
European markets fell in Friday morning trading, amid nervousness as investors await key US jobs data. European markets have fallen sharply as weak US jobs data added to fears of a new global economic downturn.
London's FTSE 100 had dropped 2% by midday, while Frankfurt's Dax fell 3.1% and the Cac 40 in Paris 2.8%. Stocks immediately fell a further 1%, adding to losses earlier in the day, as the Department of Labor announced the US economy added no net jobs in August.
Global manufacturing sector surveys released on Thursday have added to fears the global economy may be on the verge of another downturn. London's FTSE 100 was 2.3% down for the day and Frankfurt's Dax was 3.4% lower.
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. The jobs data follows manufacturing sector surveys released on Thursday which showed activity at factories worldwide dropped last month.
Meanwhile, new data from the UK on Friday also pointed to a further slowdown in the construction sector there.Meanwhile, new data from the UK on Friday also pointed to a further slowdown in the construction sector there.
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%. Seeking havens
Banks were among the worst performers. The sharp drop in stock markets following the Department of Labor's announcement in the early morning in New York added to a day-long sell-off.
In the UK, Lloyds fell 4.7% and Barclays 4.9%, while on the continent Commerzbank was down 5.3%, Deutsche Bank 5.2% and Credit Agricole 4.6%. The slump 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%.
AstraZeneca dropped 3.4% after a disappointing trial of its new cholesterol drug, Crestor. Banks were among the worst performers on Friday.
In the UK, Lloyds fell 4.7% and Barclays 5.6%, while on the continent Commerzbank was down 5%, Deutsche Bank 5.4% and Societe Generale 5.1%.
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.
Haven investments rallied as investors sought safety from the downturn.
Gold rose 3% for the day to just below $1,880 a troy ounce, close to the all-time high of $1,913.50 set last month.
The euro fell 3% against the Swiss franc, briefly touching 1.10 francs after the US jobs data release.
The Swiss authorities have repeatedly intervened to weaken their currency after the euro dropped below the 1.05 francs level last month.
US government debt also rallied, with the yield - the implied cost of borrowing - of the 10-year Treasury bond falling instantly from 2.13% to 2.03%, in anticipation of a possible further round of debt purchases by the Federal Reserve.
The 10-year yield briefly dropped below 2% early in August, hitting its lowest level since World War II.
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