Europe
Bad news spread fast. It was pitch-black expedition with red tickers rolling out in all European stock markets right through Thursday, September 22, 2011. Major of those bunged more than 4% down. With 4.7% FTSE 100 of Britain went kaput, DAX of Germany was knocked down by 5%, whereas France’s CAC 40 tumbled 5.3% citing uppermost of that among its next of kin.
Key European stock markets clogged lower on Friday, ending yet another unstable week. Continual worries about a downturn in the worldwide economy and soaring levels of debt in the eurozone had obsessed indexes lesser for much of the day.
It was seriously a bad day out there in the European stock markets with just red tickers rolling on all over the place. The downgrading of US economy from S&P is the actual reason behind this downfall. In first few hours of trade, FTSE, CAC and DAX had started lower and fell to around 2 percent each. But as soon as US markets opened and began their journey towards the bottom of the ladder, they were hit more which eventually led to a sad closing.
It was supposed to happen and no one could stop it! European indices started off weak following the cues from US markets on Friday, August 5 2011 and Asian market fall on Monday, August 8 2011.
The FTSE 100 Index started off flat just 4 points down soon to fall deeper. In few minutes of trade, the index even recovered a bit to touch highs of 5295 points for the day.
Trading on the London Stock Exchange has recommenced soon after a technical breakdown closed it for whole Friday morning. The bourse closed automated trading for near about 4 hours until 1215 GMT to inspect a "market data" problem.
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