Global stocks slid again Friday as fears of a possible U.S. recession combined with ongoing worries over Europe's debt crisis, which is stoking acute fears over the continent's banking sector.European banking shares hit a near 2½-year low on renewed worries of the health of the continent's banks, while safe-haven gold prices nudged up against the $2,000 US an ounce mark, and crude prices fell as investors feared a global slowdown will zap demand for crude.
"This week has seen a continuation of the trend of weaker than expected data and political reaction to the European problems which pretty much amounts to 'Let's have a get together a couple of times a year,' " said Gary Jenkins, an analyst at Evolution Securities."
Britain's FTSE 100 lost 2.1 per cent to 4,987, while Germany's DAX fell 3.3 percent to 5,394. France's CAC-40 was down 2.8 per cent to 2,989.
Wall Street was headed for another slide afterNorth American markets closed sharply down Thursday, mired in worries about a possible U.S. recession and the health of European banks.
Canada's benchmark S&P/TSX composite index finished down 392.90 points, or 3.12 per cent, at 12,186.71. The Dow Jones industrial average in New York traded down 419.63 points, or 3.68 per cent, to 10,990.58. Earlier, it was down as much as 530 points. The Nasdaq composite fell 131.05 points, or 5.22 per cent, to 2,380.43 and the S&P 500 was lower by 53.24 points, or 4.46 per cent, to 1,140.65. (more)
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