Markets crash: How Panic Spread Around The Globe

Julia Kollewe at the guardian.co.uk

Stockmarkets around the world slumped today as fears of a global recession deepened. After Wall Street fell to a five-year low last night, the rout started in Asia, where Singapore slid into recession, and quickly spread to Europe. In London, the FTSE 100 plunged more than 10% in early trading, and the Dow Jones dived nearly 700 points to 7882 shortly after Wall Street opened, a fall of 8%. Both markets later came off their lows, and the FTSE 100 closed almost 9% down and the Dow was seen off almost 2%.

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