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European shares end lower


European shares end lower


European stocks finished Friday down more than 1% as oil prices jumped in volatile trading and the US unemployment rate hit its highest level in four years during July. Employers there cut jobs for a seventh straight month, though less severely than predicted.

BMW’s profit warning and GM massive losses pulled down car makers – BMW fell 5.4% and Daimler, Volkswagen and Fiat also declined.

The mining sector also performed poorly, surrendering some of the major gains made over the past few sessions. Rio Tinto, Anglo American and Xstrata were all lower.

British Energy dropped 4% after the group’s investors rejected a 15 billion euro takeover bid by EDF.

Irish drugmaker Elan lost nearly half its value because of reduced confidence in its line-up of biotech medicines.

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