Global equity market sell off deepens
The growing economic woes accelerating around the world has forced economic activity weakening across the world and even European stock markets have plunged. London's FTSE 100 Index opened more than 5 per cent down, on top of a fall of more than 7 per cent yesterday as similar economic fears wiped out a brighter start to the week. The opening figure - down 211.6 points to 3868 - was its lowest point for more than five years. Earlier Asian market started in Red.
Equity markets in London and Europe endured further heavy selling on Thursday following major losses in the US and across Asia as the economic gloom deepened.
Fears that recent financial rescue plans will not be enough to avert a deep and prolonged global recession ensured even some of the traditional safe havens like gold and Japan’s yen currency were left exposed to losses.