Turmoil on stock markets persists

continuous fall in stock markets due to instability of weak US economic condition and eurozone debt crises, despite better-than-expected US jobs figures.

There have been sharp falls in the past 24 hours amid a crisis of confidence due to the eurozone debt crisis and concerns about weak economic recovery in the US and Europe.
A fall in the US jobless rate caused the US markets to open higher and gave temporary relief to European indexes.
But London's FTSE and Frankfurt's Dax were still down about 2% again.
European markets had been fell as much as 4% in the morning, before recovering, and then lurching back down again by mid-afternoon.
In London, the FTSE 100 closed down 2.7%, with banking shares such as Lloyds, RBS and Barclays suffering falls as large as 7%.In UK Barklays bank and HSBC start downsizing globally.
In Germany the Dax closed down 2.7%, while the French Cac 40 ended just over 1% down.

Fall in US consumer spending fuels economic worries

US consumers reduce their spending in June for the first time in almost two years.

They are also facing slow grow in income pace for nine months, fuelling further concerns about economic growth.

The US Department of Commerce said spending reduce 0.2% in June, while incomes increase 0.1%.

Paul Dales, of Capital Economics, said it was a further sign that any economic rebound "will be more modest than previously looked likely".

Figures released last week showed that the US economy grew at a modest annual rate of 1.3% in the second quarter of the year.

Higher energy prices and unemployment have reduced household budgets.

The economy added just 18,000 net jobs in June, the miner rise in nine months. Meanwhile, unemployment in June jumped up to 9.2%, the highest rate so far this year.