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Shares fall further on global economy fears Shares fall further on global economy fears
(34 minutes later)
Share prices fell further in European trade as fears deepen over prospects for the global economy. European stock markets have seen sharp falls as fears deepen over prospects for the global economy.
Earlier, the Brent crude benchmark fell $1.65 to $88.40 a barrel, a near four-year low, although it recovered some ground to stand at $89.65. London's FTSE 100 share index was down 1% at 6365.72. France's Cac 40 index was also down 1% while Germany's Dax fell 1.7%.
IMF chief Christine Lagarde, crystallised investors' worries about flagging economic growth by warning the eurozone could return to recession. Poor economic data from Germany this week has stoked fears that the eurozone could be heading for another recession.
London's FTSE 100 share index was down 101 points, or 1.6%, at 6,330.97. Oil prices also saw sharp falls, with the Brent crude price hitting its lowest level for nearly four years.
Shares in Paris and Frankfurt also slumped further, with France's Cac 40 down 1.8% and Germany's Dax down more than 2%. Brent dropped $1.65 to $88.40 a barrel at one point before recovering some ground to stand at $89.09.
The falls came after big declines in the US and Asia. On Thursday, the Dow Jones had its biggest one-day fall of the year, closing down almost 2% at 16,659.25. US oil fell $1.92 a barrel to $83.85, its weakest level since June 2012, although it also regained some ground to stand at $84.29. Both oil benchmarks have lost about 20% since their peak in June.
In Tokyo on Friday, the Nikkei closed down 1.15% at a two-month low of 15,300.55.
US oil fell $1.92 a barrel to $83.85, its weakest level since June 2012, although it also regained some ground to stand at $84.79. Both oil benchmarks remain about 20% since their peak in June.
Oil prices have been undermined by a combination of increasing supplies and weakening demand.Oil prices have been undermined by a combination of increasing supplies and weakening demand.
Libya has recently increased its supply of oil to the open market, and demand from China, the world's second biggest user of oil, has slipped as its economic growth has slackened off.Libya has recently increased its supply of oil to the open market, and demand from China, the world's second biggest user of oil, has slipped as its economic growth has slackened off.
Investors 'spooked'Investors 'spooked'
This week, German economic data has presented a consistently negative picture. Figures released on Thursday showed exports fell 5.8% in August, and this followed weak industrial output figures on Tuesday.This week, German economic data has presented a consistently negative picture. Figures released on Thursday showed exports fell 5.8% in August, and this followed weak industrial output figures on Tuesday.
Ms Lagarde's comments that there was a 35-40% chance of the eurozone re-entering recession piled on the woes. On Thursday, IMF chief Christine Lagarde, crystallised investors' worries about flagging economic growth by warning the eurozone could return to recession.
Earlier this week, the IMF cut its forecasts for global growth in 2014 and 2015.Earlier this week, the IMF cut its forecasts for global growth in 2014 and 2015.
Its downgrade of prospects for the three biggest eurozone countries' economies - Italy, France and Germany - prompted the Chancellor, George Osborne, to warn the UK economy was facing a "critical moment".Its downgrade of prospects for the three biggest eurozone countries' economies - Italy, France and Germany - prompted the Chancellor, George Osborne, to warn the UK economy was facing a "critical moment".
He told the BBC: "The eurozone risks slipping back into crisis. Britain cannot be immune from that. It's already having an impact on our manufacturing and our exports."He told the BBC: "The eurozone risks slipping back into crisis. Britain cannot be immune from that. It's already having an impact on our manufacturing and our exports."
US stocks fell sharply on Thursday, with the Dow Jones recording its biggest one-day fall of the year, closing down almost 2% at 16,659.25.
Asian stocks continued the downward trend, with Japan's Nikkei share index closing down 1.15% at a two-month low of 15,300.55.
Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: "Concerns around the lack of global economic growth are spooking investors.Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: "Concerns around the lack of global economic growth are spooking investors.
"In particular, the situation in China remains unclear, whilst within the eurozone, even the supposed powerhouse of Germany could be staring into another recession.""In particular, the situation in China remains unclear, whilst within the eurozone, even the supposed powerhouse of Germany could be staring into another recession."
Added to that are persistent worries about the geo-political situation in the Middle East and Ukraine, as well as growing concerns about the Ebola virus and its impact on West Africa and its spread into other countries.Added to that are persistent worries about the geo-political situation in the Middle East and Ukraine, as well as growing concerns about the Ebola virus and its impact on West Africa and its spread into other countries.