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European stock markets plunge over Spain & Italy job report

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European stock markets have dropped sharply, wiping out gains from the day before, amid fears that the eurozone debt crisis is resurfacing.

European stock markets ended lower on Tuesday, with the Spanish stock market the worst hit, as the IBEX 35 index shed 2.7 percent, AFP reported.

In Milan, FTSE MIB index also traded over two percent lower and Frankfurt’s DAX and Paris’ CAC 40 slumped 1.05 and 1.62, respectively.

London’s benchmark FTSE 100 index of top companies lost 0.62 percent at the close.

The latest unemployment report from Spain and Italy are said to be the major cause of the market jitters.

Spain’s Labor Ministry announced on Tuesday that it had recorded a 0.82-percent climb in unemployment rate of March, bringing the total number of unemployed in the eurozone’s fourth largest economy to 4.75 million people.

In addition, Italy’s National Institute for Statistics indicated on Monday that the country’s unemployment rate had hit a new record in February, reaching 9.3 percent.

Europe plunged into deep financial crisis in 2008, which has continued to intensify in recent months.


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