Global markets dive as US payrolls disappoint

Global markets are selling off swiftly this afternoon as disappointing US payroll data sparks fears the US recovery is unsustainable.

Shares in the US and Europe retreated sharply after the report in the US showed a lower than expected number of new jobs were created in April, while safe haven assets including gold and government bonds saw prices jump as investors ran for cover. The Dow Jones went straight into the red on the opening bell, and by 3.20pm was trading down 0.76% to 13,106, while the S&P 500 was off 1% or 13.24 points, at 1,378.33. It was worse in London as the already weaker FTSE 100 extended loss to fall 102 points - or 1.8% - to 5,664. Europe also saw steep losses, with the Dax declining 1.73% to ...