Investors wary of spreading debt crisis in Italy and Spain
Improved U.S. employment numbers provided a glimmer of relief Friday as global stock markets incurred their eighth straight session of losses. Nearly $2.5 trillion in value has been lost on the stock markets so far this week. Meanwhile, the unemployment rate in the U.S. dropped to 9.2 per cent as 117,000 jobs were created in July. Fears over the slowing global economy have been fueled by the ongoing debt crisis in Europe, which has spread most significantly to Spain and Italy, the Eurozone’s third largest economy. French President Nicolas Sarkozy will reportedly meet with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero to discuss the EU’s economic situation. China and Japan have also called for global cooperation in dealing with the sluggish world economy.