Global Stocks Tank, Again

Another horrible day for world markets, with Asia once again taking the worst of the punishment:

AP: The Nikkei plunged 415.14 points, or 4.9 per cent, to 8,023.31, while Hong Kong’s Hang Seng Index fell 461.65 points, or 3.4 per cent, to 13,242.96 after earlier sinking about 5 per cent.

South Korea’s Kospi dropped 6 per cent to 1,111.34, while markets in Australia and Taiwan fell 4 per cent or more. Singapore’s benchmark was down 3.4 per cent but Shanghai stocks were only slightly lower.

In Europe, the losses were less marked, as the major indexes had tumbled almost 5 per cent on Wednesday and because of expectations the European Central Bank will cut interest rates later in the day.

The FTSE 100 index of leading British shares was down 16.81 points, or 0.4 per cent, at 4,163.83, while Germany’s DAX dropped 20.85 points, or 0.5 per cent, to 4,401.50. France’s CAC-40 fell 23.30, or 0.8 per cent, to 3,028.70.

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