Scoreboard: Market jitter bug

European stocks cop further losses on a bad day for global equities, while fears grow over the stability of emerging markets.

The big falls that we saw across global equity bourses on Friday held last night. In Europe, there were further losses: Dax off 0.5 per cent, CaC down 0.4 per cent and FTSE100 off 1.7 per cent. The bizarre thing is that this latest market wobble was caused by a lower tier data release: HSBC’s flash estimate of the Chinese PMI. A higher tier survey, the German IFO survey, showed that the business climate improved in Germany. The index rose to 110.6 from 109.5, well above average. This should have offered some support to European stocks, but conditions are turning in Europe.  

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