06/04/2013
Europe's shares take biggest daily tumble of 2013 on US jobs miss
European shares fell on Friday to post their biggest daily fall of 2013 after U.S jobs figures came in much lower than expected.
Rumors of a weak U.S non-farm payroll figure had hit stocks in morning trade, triggering breaks below several technical support levels on the German DAX.
The FTSEurofirst extended falls in the afternoon when the figure came in below even the rumored numbers, fuelling demand for safe-haven assets such as Bunds.
U.S. employers hired 88,000 workers in March, less than half the consensus figure from a Reuters poll of 200,000 and the slowest pace in nine months.
"It's a bad number, much worse than consensus or the whisper numbers that were being circulated," Joshua Raymond, strategist at City Index, said.
"The reaction in the markets has been quick and aggressive but if anything, it keeps the Fed's fingers firmly pressing QE."
