European stocks on downward trend
Traders on the floor of the New York Stcok Exchange
European stocks have once again plunged with German and French stocks down by more than three percent as G20 talks failed to tackle debts and fight threats of a new global recession.

European stocks on downward trend

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German and French stocks went down by more than three percent on Friday, while Milan erased 1.34 percent and Madrid lost 1.55 percent. Frankfurt stocks slumped 2.77 percent and Paris went down by 2.24 percent.

“Markets have continued to drop in London as the brief relief rally of this morning turns into the usual uncertainty,” Alpari analyst James Hughes told AFP.

The euro dipped toUSD1.3462 from USD1.3466 on Thursday, when it also struck an eight-month low point of USD1.3385. The euro also went down to 102.66 yen from 102.60 on Thursday, when it also hit a ten-year trough of 102.22.

The Group of 20 major economies vowed on Friday to mount a powerful response to the rising challenges facing the world economy as it reels from the fast-moving debt crisis in the eurozone.

The pledge, made in an unexpected statement, came after world leaders ramped up pressure on Europe to take decisive action to contain its debt crisis as markets spun out of control.

The statement failed to soothe Asian markets, however, which plummeted for a second day as the dollar rose against regional currencies.

“G20 finance ministers passed up a golden opportunity to soothe the markets as talk of tackling the financial crises fell short of any decisive action,” AFP quoted ETX Capital trader Manoj Ladwa as saying.

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