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/news/business-29566009
The article has changed 11 times. There is an RSS feed of changes available.
| Version 6 | Version 7 |
|---|---|
| Shares fall further on global economy fears | Shares fall further on global economy fears |
| (35 minutes later) | |
| European stock markets have seen sharp falls 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. |
| London's FTSE 100 share index fell 1% to 6,358.25. The French and German indexes were sharply lower, with US stock markets also down. | |
| Poor economic data from Germany this week has stoked fears that the eurozone could be heading for another recession. | Poor economic data from Germany this week has stoked fears that the eurozone could be heading for another recession. |
| Oil prices also saw sharp falls, with the Brent crude price hitting its lowest level for nearly four years. | Oil prices also saw sharp falls, with the Brent crude price hitting its lowest level for nearly four years. |
| Germany's Dax index was down more than 2% at 8,804.94 while France's Cac 40 lost 1.4% to trade at 4,081.72. | |
| After recording its biggest one-day fall of the year on Thursday, the Dow Jones opened higher but fell back to trade virtually unchanged at 16,635.81. The broader S&P 500 index was down 0.6% at 1,917.21, while the Nasdaq saw a sharper sell-off, down 1.3% at 4,322.45 | |
| The price of Brent crude oil dropped $1.65 to $88.40 a barrel at one point before recovering some ground to stand at $89.09. | The price of Brent crude oil dropped $1.65 to $88.40 a barrel at one point before recovering some ground to stand at $89.09. |
| 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. | 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. |
| 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. |
| Carsten Fritsch, commodities analyst at Commerzbank told Reuters the oil markets were now in "panic mode". | Carsten Fritsch, commodities analyst at Commerzbank told Reuters the oil markets were now in "panic mode". |
| "Panic and capitulation. We are now in uncharted territory," he said. "The rout will probably continue until [oil cartel] Opec says enough is enough." | "Panic and capitulation. We are now in uncharted territory," he said. "The rout will probably continue until [oil cartel] Opec says enough is enough." |
| Eurozone risks | Eurozone risks |
| 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. |
| Earlier this week, the IMF cut its forecasts for global growth in 2014 and 2015, and 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, and on Thursday IMF chief Christine Lagarde crystallised investors' worries about flagging economic growth by warning the eurozone could return to recession. |
| The IMF's 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". | The IMF's 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." |
| The big falls seen on Wall Street on Thursday pushed Asian stocks lower on Friday, with Japan's Nikkei share index closing down 1.15% at a two-month low of 15,300.55. | The big falls seen on Wall Street on Thursday pushed Asian stocks lower on Friday, with Japan's Nikkei share index closing down 1.15% at a two-month low of 15,300.55. |
| "It now looks as though investors are nervous about a confluence of factors, ranging from worries of a global economic slowdown, an economic crisis, with German economic data especially poor, deflation... the impact of Ebola and lurking geopolitical risks," said Neil MacKinnon, economist at VTB Capital financial group told AFP. | "It now looks as though investors are nervous about a confluence of factors, ranging from worries of a global economic slowdown, an economic crisis, with German economic data especially poor, deflation... the impact of Ebola and lurking geopolitical risks," said Neil MacKinnon, economist at VTB Capital financial group told AFP. |