..World stocks slide further
By Ben Perry
AFP News – Sat, Aug 6, 2011.
Enlarge Photo.A display board showing the Hang Seng Index in Hong Kong. Hong Kong shares dived …
Enlarge Photo.Closings for Tokyo, Sydney, Seoul and Taipei stock markets. Global stocks plunged …
AP - Sat, Aug 6, 2011.....Surprisingly robust US jobs data sparked only a brief rebound on Wall Street and in Europe on Friday, leaving investors scarred from a week of heavy losses brought on by slow growth and eurozone debt concerns.
European stock markets initially dived 3.0-4.0 percent after heavy falls in Asia, and rally quickly lost steam following the announcement that the US economy gained a net 117,000 jobs in July.
London's FTSE-100 index closed down 2.71 percent to 5,246.99 points for a weekly loss of 9.8 percent, wiping nearly £150 billion ($246 billion, 173 billion euros) off its total value over the last five days.
In Frankfurt, the DAX dropped 2.78 percent to 6,236.16 points, dropping 13.3 percent over the week.
In Paris, the CAC-40 slid 1.26 percent to 3,278.56 points to chalk up a record 10th consecutive daily loss. It lost 10.7 percent over the week.
In highly volatile trading, Madrid and Milan rebounded for part of the day on rumours that that the European Central Bank was preparing to buy hard-hit Spanish and Italian bonds, before falling back.
Madrid ended the day down 0.18 percent and dropped 10 percent over the week, while Milan fell 0.70 percent on Friday and lost 13.12 percent for the week.
Wall Street also opened higher on the surprisingly strong jobs data, but the rally quickly fizzled.