European markets fell amid fears that the US recession is deeper than previously forecast.
Europe’s Stoxx 600 fell 3.7 percent, leaving the index down 13 percent this week. More than 26 trillion euros has been wiped from the value of global equities this year and countries from the US to Britain and Germany are in recession.
One analystsaid it looks as though things will get worse: “It’s been really bad news for the bankers, there is bad news at the economic level and nothing today has reassured anyone.”
Vodafone, the largest mobile-phone company, dropped 7 percent, and Europe’s manufacturing and service industries shrank at the fastest pace in a decade.
The UK’S FTSE 100 closed down as did Germany’s DAX and France’s CAC 40.