This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-14760281

The article has changed 11 times. There is an RSS feed of changes available.

Version 4 Version 5
Markets fall on weak US jobs data Markets fall on weak US jobs data
(40 minutes later)
European markets have fallen sharply as weak US jobs data added to fears of a new global economic downturn. Stock markets have fallen sharply as weak US jobs data added to fears of a new global economic downturn.
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. The Dow Jones opened 2% lower, while European stocks added to earlier losses as the Department of Labor said the US economy added no net jobs in August.
London's FTSE 100 was 2.3% down for the day and Frankfurt's Dax was 3.4% lower.
The jobs data follows manufacturing sector surveys released on Thursday which showed activity at factories worldwide dropped last month.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. Markets had already fallen steadily since Thursday afternoon in the US.
Seeking havens Banks hammered
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. By mid-afternoon on Friday, London's FTSE 100 was 2.9% down for the day and Frankfurt's Dax was 4% lower.
The London market was not helped by other data on Friday that pointed to a further slowdown in the construction sector in the UK.
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%.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%.
Banks were among the worst performers on Friday. Banks were 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%. In the UK, Lloyds fell 5.5% and Barclays 6.7%, while on the continent Commerzbank was down 5.8%, Deutsche Bank 5.7% and Societe Generale 5.8%.
In the US, where it has emerged that the banks will be sued by a US government home loans agency, shares in Bank of America were hammered, dropping 8% at the open, while Citibank fell 5.2%.
Seeking safety
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.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.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 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.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.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.The 10-year yield briefly dropped below 2% early in August, hitting its lowest level since World War II.
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.