Volatility sweeps global markets

US shares wobbled in early Friday trading after Thursday's sharp sell-off prompted by worries about higher interest rate levels.
However,further declines in stocks were tempered by news that the US economy had grown faster than expected in the three months to June.European stocks were jittery,with London's FTSE 100 index rebounding into positive territory then falling back.
There are concerns that higher rates will hit profits and takeover deals.That seems to have caused a big sell-off on Thursday,with the London market down more than 3%, the biggest one-day percentage loss since 2002,and the US market off more than 2%.But on Friday US Commerce department data showed that,on an annual basis,the US economy grew by a robus 3.4% in the second quarter of 2007.At the same time,core consumer prices-excluding food and energy-rose by 1.4% over the period,their slowest quarterly rate of growth since 2003.
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As in the days of Noah....