On Friday August 19, 2011, 8:13 am EDT
LONDON (Reuters) - A selloff in global stocks gathered pace on Friday, reflecting mounting concerns the economy is heading into another recession and as some European lenders faced a short-term funding crunch, highlighting the risk of a banking crisis.
Nervous investors fled to the safety of core government bonds, Swiss francs and gold, which hit a record high, with many seeking to unwind holdings of riskier assets such as stocks, commodities and higher-yielding currencies before the weekend.
European shares extended steep losses from Thursday, when they suffered their biggest daily slide in 2-1/2 years, with key indexes in Britain, France and Germany deep in the red.
U.S. stock index futures pointed to a weaker open on Wall Street, a day after the Nasdaq shed more than 5 percent and the S&P 500 tumbled 4.5 percent fears. Futures for the S&P 500 , the Dow Jones and the Nasdaq 100 were down by between 1 and 1.2 percent.
Friday, August 19, 2011
Global stocks extend rout, gold soars
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