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Fears drag down European markets 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. European stock markets showed heavy losses in early afternoon trading as fears of a global recession continued to rattle investors' confidence.
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. In London, the benchmark FTSE index was down by 3.9%, while France and Germany, the Cac and Dax were 3.2% and 3.3% lower 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 reflect losses in the Asian markets, where South 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 fallsCommodity 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.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 cautious about their prospects.
Widespread sell-offWidespread 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. In early afternoon trading, the FTSE index was down 166.34 points, or 3.93%, at 4063.39 points. The Cac 40 was also down, shedding 114.09 points, or 3.28% to 3361.31 points, while the Dax slumped 161.70 points, or 3.38%, at 4622.71 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.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 GMTFTSE 100 INDEX: 22 October 2008*All Times GMT