european stocks slump on poor us jobs data
Last Updated : GMT 16:22:18
Arab Today, arab today
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European stocks slump on poor US jobs data

Arab Today, arab today

Arab Today, arab today European stocks slump on poor US jobs data

London - AFP

European stock markets fell on Friday as traders brushed off monetary stimulus measures in Europe and China, and focused instead on disappointing jobs data in the United States. London\'s benchmark FTSE 100 slid 0.53 percent to close at 5,662.63 points, Frankfurt\'s DAX 30 shed 1.92 percent to 6,410.11 points and in Paris the CAC 40 lost 1.88 percent to 3,168.79 points. In Madrid, the Ibex 35 index slumped 3.10 percent to 6,738.9 points and in Milan the FTSE Mib index was down 2.53 percent at 13,732 points as investor concerns about Spain and Italy\'s strained public finances. In foreign exchange deals, the European single currency fell to $1.2302 from $1.2391 late Thursday in New York. In midday trading on Wall Street, the Dow Jones Industrial Average lost 1.41 percent to 12,714.19 points. The S&P 500 was down 1.24 percent at 1,350.66, while the tech-rich Nasdaq dropped 1.60 percent to 2,928.45. The US Labor Department said the world\'s biggest economy generated a net 80,000 new jobs in June, well short of forecasts and a result that left the unemployment rate at 8.2 percent. The figures put the average job gains for the second quarter at 75,000 per month, a bad sign for US growth and consumer spending. \"US data will now be in sharp focus over the next month, as further declines in indicators would surely build the case for (further stimulus) by the (US Federal Reserve which will) meet at the end of the month,\" commented ETX Capital trader Ishaq Siddiqi. European stocks got only a slight boost on Thursday after the European Central Bank (ECB) cut its main interest rate by a quarter point to a record low 0.75 percent without announcing additional stimulus moves. In London, the Bank of England (BoE) maintained its main rate at a record low of 0.50 percent and announced £50 billion ($78 billion, 62 billion euros) in extra stimulus cash to boost Britain\'s recession-hit economy. China\'s central bank trimmed rates for the second time in a month, a surprise move which analysts said may indicate that the Chinese economy, the world\'s second biggest, is slowing more quickly than expected. \"The reaction to yesterday\'s monetary stimulus from the ECB, BoE and (China) has failed to prompt further market gains and this is a worrying sign,\" said economist Neil MacKinnon at VTB Capital. \"It may be that the markets think non-conventional monetary policy is becoming increasingly ineffective and that the problem of a \'liquidity trap\' has not been resolved.\" A liquidity trap occurs when central banks pump cash into the financial system but banks hoard the money to ward off possible adverse events rather than lend it to customers and so help boost the economy. Asian markets mostly sank on Friday as the central bank attempts to stimulate the global economy failed to reassure wary investors. Hong Kong was flat, Tokyo shed 0.65 percent and and Sydney lost 0.27 percent. Shanghai bucked the trend to close up 1.01 percent, with property stocks leading the rise following the Chinese rate move. The slide came as International Monetary Fund chief Christine Lagarde warned the global economy was slowing and said the situation could get worse because Europe was not doing enough to fix its debt crisis. \"Despite a wave of stimulus measures announced overnight by various central banks, it seems such policies are having a muted effect on investor sentiment,\" agreed IG Markets analyst Cameron Peacock. Lagarde hailed the ECB move and other recent \"significant steps\" to contain the eurozone crisis but warned that \"more needs to be done in order to really complete the architectural job of the eurozone\". Markets were disappointed that the widely expected ECB move was not accompanied by additional measures to combat the long-running eurozone crisis.

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