European stocks ended a turbulent trading week Friday by chalking another round of sharp falls amid renewed fears that the United States' top credit rating might be downgraded and concerns that Europe's debt crisis could spread to Spain and Italy. After initially rising following the release of better-than-forecast US jobs data, shares in Europe and the US retreated as investors again cashed in their shares. And while stocks in New York seesawed, the European benchmark Stoxx 600 share index ended its eighth day of losses down a hefty 1.76 per cent at 238 points after shares across Europe tumbled to their lowest level in more than a year. The Stoxx 600 is down 10 per cent on the week after falling by about 3 per cent following a chaotic start to the Friday trading session, with analysts warning that share markets faced further volatility. Several European bourses posted even bigger falls, with shares in London and Frankfurt closing down about 2.7 per cent. Stocks in Paris slumped 1.26 per cent. Called a bloodbath by traders, the sell-off of European shares followed big falls on Wall Street as well as across Asia over the previous 24 hours. This came amid worries about the risks of the debt crisis spreading to other members of the 17-state eurozone, such as Italy and Spain, a slump of investor confidence and fears that the world economy could tip back into recession.
