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Europe: Cocktail of poor data sinks stocks further

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[LONDON] European stocks notched up their biggest weekly fall since December on Friday, extending losses as weak China and German data and poor US jobs numbers tightened bears' grip on the market, underscoring worries about a global economic slowdown. Read more at The Business Times.

[LONDON] European stocks notched up their biggest weekly fall since December on Friday, extending losses as weak China and German data and poor US jobs numbers tightened bears' grip on the market, underscoring worries about a global economic slowdown.

"A 20,000 jobs print will be the talk of markets for days to come, but with the previous month revised up to 311,000, the average of the two, 155,500, is still a respectable number," said Chris Beauchamp, chief market analyst at IG.Euro-zone bank stocks extended Thursday's fall after the European Central Bank cut its growth forecasts and pushed out an interest rate hike.In contrast, real estate stocks jumped 1.

Oil stocks were dragged lower by weak crude prices and news that Norway's sovereign wealth fund, the world's largest, will sell its stakes in oil and gas explorers. EPFR data showed investors pulled some US$3.1 billion from European equity funds this week, driving total outflows from the region year-to-date to US$25.9 billion.EssilorLuxottica shares fell 6.3 per cent after the merged eyewear group's maiden set of results disappointed the market and it postponed a long-awaited investor day.

 

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