World stocks plunge as recession fears bite

Nov 6, 2008

Global stock markets tumbled for a second day running on Thursday as investors shrugged off Barack Obama's election as US president to focus on growing recession fears, traders said.

Europe's main markets were up to four percent lower in late morning trade after Asia saw losses of around seven percent. Wall Street shed five percent overnight and on Thursday there were also sharp losses for Nordic and Gulf share prices.

"The honeymoon period for president-elect Obama is already proving extremely short-lived, with the run of grim US economic data (on Wednesday) highlighting the mammoth task ahead in terms of getting the economy back on its feet," said Mitul Kotecha, an analyst at Calyon investment group. the rest