BBC News |June 27, 2008

Global shares have continued their downward path, with New York’s Dow Jones showing further declines after key European markets closed lower.
In early trade, the Dow fell 0.5% amid continuing fears over high oil prices.

Share indexes in Paris and Frankfurt ended the day about 0.6% lower, but London’s FTSE shrugged off earlier losses to register a 0.2% rise.

Earlier, China’s benchmark Shanghai index dropped by 5.3%, while India’s Sensex index declined by 4.3%.

Indexes in Japan, Taiwan and South Korea all shed more than 2%.

Crude oil surged to a record, as Brent crude jumped to $142.13 a barrel, while New York light crude climbed as high as $142.26, on concerns about supply.

The global stock market downturn began in New York on Thursday, when the Dow fell more than 3% to a two-year low.

The fear on Wall Street is that rising prices and tighter finances will force Americans to curb spending and push the economy into recession.

Consumer concerns

Traders brushed aside positive news about US consumers on Friday.

The US economic stimulus package, which will hand out £107bn to Americans this year, boosted household budgets and helped consumer spending rise 0.8% last month.


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