News of a possible recession in the United States led to lower major global stock markets. From London to Tokyo, drops in indices were reported.
In Europe, London's FTSE slid by 3.6 percent to 5685.2, while Paris' Cac-40 suffered a 6.7 percent decline and Frankfurt's Dax fell 5.4 percent.
Asian markets also reflected a downturn. Tokyo's Nikkei 225 index dipped by 3.9 percent, its lowest decline since October 2005, while India's Sensex tumbled by 7.4 percent. Hong Kong's Hang Seng index showed a 5.5 percent slip to 23,818.86. This is the Special Administrative Region's second largest percentage decline since Sept. 11, 2001.
Similar downtrends were reported in South Korea, Australia, Singapore, Taiwan and the Philippines.
"People are certainly nervous about a potential recession in the U.S. spilling over to the rest of the world," David Cohen, director of the Asian Economic Forecasting at Action Economics in Singapore, told the BBC.
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