All of the major stock markets, including US Shares, fell heavily during early trading. The Greek debt crisis is a continuing source of anxiety for investors, and a clampdown on investor borrowing that has been started by Chinese regulators also concerned investors.
By the close of trading, the UK’s leading index was down by almost 66 points, at 6,994, with just a handful of stocks having posted gains for the day. European markets saw heavy falls, with the German DAX 30 and the Spanish Ibex both falling by 2.4 percent.
European Commissioner Pierre Moscovi has told Greece that it has until the 11th May to produce reforms, while Chancellor George Osborne has raised concerns that the Greek crisis may bring turmoil to the Euro-zone once again. He noted that it was now clear that a miscalculation on either side could return European economies to the kind of perilous situation that they saw three or four years ago.
The markets were frantic on Friday morning, as a Bloomber terminal outage prevented traders from making their move after the announcement of new Chinese trading regulations. When the Bloomberg issues were resolved, there was a rush to sell shares, and this contributed to the global decline in the markets.