LBCI

European stocks knocked by dire US jobs data

Business

03-09-2011 | 02:04

Share

Share

European stocks knocked by dire US jobs data

2^min

European stocks tumbled on Friday, ending a four-day rally, after data showed U.S. employment growth ground to a halt in August, rekindling fears that the world's largest economy is slipping into recession.

The FTSEurofirst 300 index of top European shares ended 2.5 percent lower at 948.62 points, while German Bund futures rallied to record highs.

Industrials took a beating, with ABB down 4.6 percent and EADS down 3.8 percent, while banks also suffered, with Societe Generale down 6.7 percent and BBVA down 5 percent.

"It's a bit like 'take the cash and run' on the market. We see investors quickly getting out of equities and turning to safe havens such as gold and the Swiss franc. Asset managers have to protect their portfolios," said Fabrice Couste, head of CMC Markets France.

"Still, in this context, people can find opportunities for instance in stocks of companies that have strong pricing power or the ability to innovate."

Data showed U.S. nonfarm payrolls were unchanged last month, the weakest reading since September, while economists had expected an increase of 75,000, according to a Reuters survey.

"The job figures are a disappointment, although the market had started to anticipate a bad number earlier in the session. At current level, the market is already pricing in a double-dip recession. Only a systemic crisis like in 2008 has not been priced in yet," Natixis strategist Benoit Peloille said.

Around Europe, UK's FTSE 100 index lost 2.3 percent, Germany's DAX index fell 3.4 percent, and France's CAC 40 shed 3.6 percent. -Reuters

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Lebanese military source to LBCI: Negotiations should be judged by results, not photo opportunities

2026-06-25

Lebanese military source to LBCI: Negotiations should be judged by results, not photo opportunities

France's Macron, at Davos, says prefers 'respect to bullies'

2026-01-20

France's Macron, at Davos, says prefers 'respect to bullies'

Aoun, Macron discuss ceasefire as Lebanon probes attack on UN peacekeepers

2026-04-18

Aoun, Macron discuss ceasefire as Lebanon probes attack on UN peacekeepers

From Lebanon to Iran: Israel recalculates its next strike

News Bulletin Reports

2026-01-07

From Lebanon to Iran: Israel recalculates its next strike

Videos

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

Massive Israeli strikes hit South Lebanon under ceasefire conditions

2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Most read

24 hours

7 days

Month

Lebanon has not agreed to shortlist of countries that could verify Hezbollah's disarmament: Reuters

1

Lebanon has not agreed to shortlist of countries that could verify Hezbollah's disarmament: Reuters

Ali al-Taher hills: Between military confrontation and surrender scenario

2

Ali al-Taher hills: Between military confrontation and surrender scenario

Dispute between Lebanon’s prime minister and defense minister under discussion, sources say

3

Dispute between Lebanon’s prime minister and defense minister under discussion, sources say

Lebanon Cabinet approves fees on waste-generating products despite ministerial objections

4

Lebanon Cabinet approves fees on waste-generating products despite ministerial objections

A new force for Lebanon's south? The debate over who will monitor the next phase after UNIFIL

5

A new force for Lebanon's south? The debate over who will monitor the next phase after UNIFIL

Explosion rocks ammunition factory near Rome

6

Explosion rocks ammunition factory near Rome

Lebanon presidency denies media reports on Aoun-Trump meeting

7

Lebanon presidency denies media reports on Aoun-Trump meeting

Lebanon announces dates for 2026 vocational education exams for private candidates

8

Lebanon announces dates for 2026 vocational education exams for private candidates

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More