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| Fears drag down European markets | |
| (about 2 hours later) | |
| European stock markets were still jittery mid-morning as fears of a global recession and further economic woe returned to haunt investors. | |
| In London, the benchmark FTSE index was down 2% in mid-morning trading, and in France and Germany, the Cac and Dax were down 2.3% and 2.7% respectively. | |
| The falls came after Japan's Nikkei closed down 6.8%, and Korea's index fell 5.1% to close at a three-year low. | The falls came after Japan's Nikkei closed down 6.8%, and Korea's index fell 5.1% to close at a three-year low. |
| Other Asian shares fell on fears a US recession would hit the global economy. | Other Asian shares fell on fears a US recession would hit the global economy. |
| Commodity falls | Commodity falls |
| "The old 'story' that has been put aside in the recent period of financial market crisis now comes back to the market's mind: recession fears," Commerzbank said in a note. | "The old 'story' that has been put aside in the recent period of financial market crisis now comes back to the market's mind: recession fears," Commerzbank said in a note. |
| On Tuesday evening, the governor of the Bank of England, Mervyn King, warned that Britain was probably entering its first recession in 16 years. | On Tuesday evening, the governor of the Bank of England, Mervyn King, warned that Britain was probably entering its first recession in 16 years. |
| Stocks were also dragged down by commodity stocks tracking weaker oil and copper prices. | |
| On Tuesday, Wall Street's Dow Jones index sank 2.5% after several US firms reported weak earnings figures. | On Tuesday, Wall Street's Dow Jones index sank 2.5% after several US firms reported weak earnings figures. |
| The firms, such as Caterpillar and DuPont, were also all cautious about their prospects. | The firms, such as Caterpillar and DuPont, were also all cautious about their prospects. |
| Widespread sell-off | Widespread sell-off |
| In mid-morning trading, the FTSE index was down 88.27 points, or 2.09%, at 4141.46 points. The Cac 40 was also down, shedding 78.44 points, or 2.26%, to 3396.96 points, while the Dax slumped 132.05 points, or 2.76%, at 4652.36 points. | |
| Earlier, Japan's benchmark Nikkei fell 631.56 points, or 6.8%, to close at 8,674.69 - its biggest one-day loss in percentage terms since last Thursday, when it fell 11%. The broader Topix index fell 7.1% to close at 889.23. | |
| The Korea Composite Stock Price Index closed at 1,134.59 points, the lowest close since early autumn 2005, and had touched a low of 1,095.56 earlier in the day. | The Korea Composite Stock Price Index closed at 1,134.59 points, the lowest close since early autumn 2005, and had touched a low of 1,095.56 earlier in the day. |
| In other Asian markets, Singapore's benchmark index fell 5% to a four-year low, as banking and property shares slid on worries the global economy is heading for a recession. | In other Asian markets, Singapore's benchmark index fell 5% to a four-year low, as banking and property shares slid on worries the global economy is heading for a recession. |
| Similar concerns pushed the share index in Australia down 3.4%. | Similar concerns pushed the share index in Australia down 3.4%. |
| FTSE 100 INDEX: 22 October 2008*All Times GMT |