The New Nation - Internet Edition

BBC Online

European share indexes have fallen further, as fears of a global recession swept through the major markets.

The FTSE-100 index was down 2.5% or 99.7 points at 3941.2 by early afternoon, with France's Cac 40 down 3.3% and Germany's Dax down 3.8%.

UK retail sales grew at their slowest rate in two-and-a-half years in September, a sign of tough conditions.

Sterling also remained under pressure - close to a five-year dollar low - as traders anticipated more rate cuts.

Investors are concerned about the global economy and how long the financial crisis will endure. Key recent market developments:

Sterling stayed near the five-year low of $1.6148 reached on Wednesday, trading at about $1.6299

South Korea's Kospi index fell 7.4%, its lowest close since July 2005. The Korean won lost 5% of its value against the dollar

Hong Kong's Hang Seng index was down 4.7%, at its lowest ebb since April 2005

At one point, the Nikkei was trading at 8,016.61, its lowest level for more than five years. It recovered to close down 213 points or 2.5% at 8,460 points

The yen strengthened against the dollar and the euro overnight. The dollar hit a seven-month low of 96.85 yen, while the euro hit a six-year low of 123.40 yen

Indian shares opened down 4.8% at their lowest since June 2006. The rupee has so far shed nearly 21% against the dollar in 2008 In Australia, the benchmark index closed down 4.4% The Dow Jones index closed down 5.7% on Wednesday.

Export fears The fall in Japanese stocks overnight was triggered in part by weak export data.

The impact of the global slowdown has had a clear impact on Japan's exports.