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Growth fears pull down European stocks


Growth fears pull down European stocks


European shares fell for a third day running on Friday finishing down over 2%. It was the worst weekly performance since January 2003 with the bad news topped off by weak US jobs figures and a steeper-than-expected decline in industrial production in Germany.

Analyst Friedel Helmer with Bankhaus Hauck & Aufhäuser said: “The DAX fell as much as it did because of the very bad performances by the Asian and US bourses: And those losses started with the statement by European Central Bank President Jean Claude Trichet that inflation has gone up and is probably going to continue rising.”

Fresh worries about slowing economic growth badly hit banks such as Barclays, UBS and Royal Bank of Scotland as well as mining companies.

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