21 Aug 2011

Global share markets end week lower

12:20 pm on 21 August 2011

European and US stock markets closed lower on Friday, extending the losses at the end of another turbulent week.

Fears that major economies were entering recession and concerns about debt levels in euro zone countries continued to push stock prices down.

London's FTSE 100 index was down 1%, Germany's DAX index tumbled more than 2% and the French CAC index dropped almost 2%.

In New York, stocks ended lower on Friday weighed by worries of another US recession and a lowered outlook from Hewlett-Packard which has said it may spin off its PC business, the biggest in the world.

The Dow Jones industrial average fell almost 2% and spot gold hit a new record of $US1,877 before slipping back.

US gold futures for December delivery settled up $US30.20 at $US1,852.20 an ounce.

Commodity prices rebounded after the greenback dollar plumbed a record low against the yen.