By Herbert Lash

NEW YORK (Reuters) - Fears of additional write-downs at banks on both sides of the Atlantic and fresh signs of a flagging U.S. economy drove global stocks lower on Wednesday as government debt prices rose on a safe-haven bid.

Spurred by a prominent analyst's downgrade of four big U.S. banks and a profit warning from Deutsche Bank, financial stocks dragged major stock indexes down as European central bankers warned there was no end in sight to the global credit crunch.

Oil jumped more than $4 a barrel after a government report showed fuel stocks fell more than expected in the United States, the world's top consumer.

The dollar fell for a second session as an unexpected drop in durable goods orders heightened worries about the U.S. economy's health and raised expectations the Federal Reserve would cut U.S. interest rates further.

Gold hit a one-week high as the weak dollar and rising oil encouraged investors to venture back into metals.

European Central Bank President Jean-Claude Trichet said the turbulence that has gripped financial markets since last summer would probably last until the U.S. housing market cleared.

Bank of England Governor Mervyn King was equally downbeat, saying the credit crunch had entered a new phase.

Investors also sold off financial shares on fears that funding for leveraged buyouts could dry up and hurt bank profits on news that banks' increasing reluctance to provide credit could derail a $20 billion leveraged buyout of U.S. radio and TV station operator Clear Channel Communications Inc