European bourses have continued their decline for a third straight week,hitting their lowest in seven weeks.
London, Frankfurt and Paris all fell around one percent.
Banks took most off the indexes of the region’s top shares.
Energy and mining companies lost value as metals prices slipped further and oil tumbled due to mounting doubts over a quick economic recovery .
Crude prices touched a five-week low after the jobless rate in the US – the world’s largest economy – last week reached a 26 year high and with euro zone unemployment at its worst in a decade.
The markets are also focused on this week’s Group of Eight meeting for any further debate on currency diversification; that is creating alternatives to the dollar as a global reserve currency.