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| European shares spiral downwards | |
| (10 minutes later) | |
| European share markets have all fallen sharply on renewed recession fears, following an earlier sell-off in Asia. | |
| In London, the FTSE 100 index plunged more than 5% ahead of economic figures expected to confirm Britain's economy shrank for the first time in 16 years. | In London, the FTSE 100 index plunged more than 5% ahead of economic figures expected to confirm Britain's economy shrank for the first time in 16 years. |
| There were similar falls in other major European markets - Paris was down 4.8% and Frankfurt was 5.3% lower. | There were similar falls in other major European markets - Paris was down 4.8% and Frankfurt was 5.3% lower. |
| There were losses across all three main European markets, with only two shares showing gains in morning trading. | There were losses across all three main European markets, with only two shares showing gains in morning trading. |
| CMC Markets trader Matt Buckland said: "Volatility and uncertainty seem to be the watch words at the moment." | CMC Markets trader Matt Buckland said: "Volatility and uncertainty seem to be the watch words at the moment." |
| "Asian markets have again been under pressure overnight whilst there's also a degree of concern surrounding the corporate forecasts that came out from across the Atlantic," he said. | "Asian markets have again been under pressure overnight whilst there's also a degree of concern surrounding the corporate forecasts that came out from across the Atlantic," he said. |
| In the foreign exchange market, the euro dropped below 1.27 dollars, hitting a two-year low on expectations of eurozone interest rate cuts and slowing economic growth. | |
| Across Asia, share prices tumbled for a third day in a row as investors feared a global recession would badly hit company earnings. | Across Asia, share prices tumbled for a third day in a row as investors feared a global recession would badly hit company earnings. |
| Japan's Nikkei closed at a five-and-a-half year low, down 9.6% after the electronics giant Sony halved its full-year profit forecasts. | Japan's Nikkei closed at a five-and-a-half year low, down 9.6% after the electronics giant Sony halved its full-year profit forecasts. |
| South Korea's market plunged 10.6% as chip maker Samsung announced a 44% fall in its third-quarter profits. | South Korea's market plunged 10.6% as chip maker Samsung announced a 44% fall in its third-quarter profits. |
| Earlier Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession. | Earlier Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession. |
| The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691. | The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691. |
| The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points. | The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points. |