Markets hit by unemployment rises

Markets took something of a battering on Thursday as high unemployment figures made an end to the recession seem more distant.

In Europe, Wednesday’s gains were completely wiped out. Frankfurt’s DAX was down 3.8 percent, and Paris’ CAC 40 also lost more than three points, while the FTSE in London slipped 2.45 percent.

Banks were among the biggest losers, along with energy companies as concerns over the length of this recession pushed crude oil down to under 68 dollars a barrel.

European car-makers also suffered, with the continent’s biggest, Volkswagen shedding over 6 percent of its share price.

A euro was buying $1.42 or £0.85.

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tags: Banking, CAC 40, Markets