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Another grim Friday for stocks


Another grim Friday for stocks


European shares ended Friday’s session down 2.5 percent. The indexes were worst hit by banks: they tumbled on renewed fears about big losses in that sector after HBOS released much worse than expected figures and the chief executive of JPMorgan Chase said the US bank has had a “terrible” November and December.

Car makers suffered following the failure of rescue talks for their US peers. BMW, Daimler, Renault, Fiat, Peugeot and Porsche were down between 2.6 and 6.3 percent. The dollar has tumbled and the British pound has been at a record low against the euro. Oil prices fell after the collapse of the government bailout plan for American car makers and Goldman Sachs cut its price forecast for US crude to 45 dollars a barrel and said it could drop to as low as 30 dollars a barrel in the short term as demand collapses.

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