European shares plunged to 14-month lows upon opening Friday, amid rising concerns that the euro zone debt crisis would spread to Italy and Spain. Shares in European markets were down 2.8%, following similar trends in US and Asian markets.
European shares plunged to 14-month lows on Friday after a steep sell-off in global markets on growing concerns the U.S. economy could be heading towards another recession and on jitters the euro zone debt crisis could spread to Italy and Spain as well.
European shares was down 2.8 percent at 964.73 points after touching 961.45, the lowest since May of 2010. The index, down for a sixth straight session, has fallen nearly 11 percent this week and is down about 14 percent so for this year.
“The economic outlook is stressing investors to a great degree and sentiment is likely to remain extremely fragile,” said Keith Bowman, equity analyst at Hargreaves Lansdown.
“The U.S. economy has been slowing and is moving into a phase where we are going to see spending cuts enforced. Investors are concerned as to where future growth will come from with this backdrop of debt for so many governments.” [...]
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