Oct 1, 2011
Global stocks closed their worst quarter in nearly three years on Friday on nagging concerns about the world economy and the lack of a credible solution to Europe’s debt crisis.
The euro and most commodity prices also fell as investors’ search for safety drove up U.S. government bonds and the dollar.
Adding to a string of global data that has crushed growth-related assets in the past three months, China’s manufacturing sector contracted for a third straight month in September while German retail sales slid at their sharpest pace in more than four years.
An unexpected rise in euro-zone inflation for September also moderated talk that the European Central Bank would cut interest rates. Still, the euro fell sharply to close its worst quarter against the U.S. dollar since mid 2010.