World stock prices plunge amid 'general fear' of a new US recession, European debts
Global stock markets tumbled Friday amid fears the U.S. may be heading back into recession and Europe's debt crisis is worsening.
The sell-off follows the biggest one-day points decline on Wall Street since the 2008 financial crisis.
Oil extended sharp losses to fall below $84 a barrel amid expectations a slowing global economy will undermine demand for crude.
In Europe, major markets fell, adding to losses Thursday.
By about 7:12 a.m. ET, London's FTSE 100 had declined 2.28 percent to 5,269.93, according to a report on BBC News. Germany's DAX had shed 2.18 percent to 6,275.10 while France's CAC-40 had lost 0.64 percent to 3,299.12.
Japan's Nikkei 225 stock average closed down 3.72 percent at 9,299.88 and Hong Kong's Hang Seng dived 4.29 percent to 20,946.14. China's Shanghai Composite Index lost 2.13 percent to 2,627.08.
"Losses today have been indiscriminate," said IG Markets strategist Ben Potter in a report. "The big question on everyone's mind is what will happen across European and U.S. markets tonight and will there be any form of emergency policy response?"
The Dow closed Thursday down 512.76 points, at 11,383.68. It was the steepest point decline since Dec. 1, 2008.
Thursday's decline was the ninth-worst by points for the Dow. In percentage terms, the decline of 4.3 percent does not rank among the worst. On Black Monday in 1987, for example, the Dow fell 22 percent.
'Extremely fragile'Investors fretted over the U.S. economic recovery ahead of Friday's release of crucial jobs figures for July, which often set the tone in markets for a week or two.
The sell-off follows the biggest one-day points decline on Wall Street since the 2008 financial crisis.
Oil extended sharp losses to fall below $84 a barrel amid expectations a slowing global economy will undermine demand for crude.
In Europe, major markets fell, adding to losses Thursday.
By about 7:12 a.m. ET, London's FTSE 100 had declined 2.28 percent to 5,269.93, according to a report on BBC News. Germany's DAX had shed 2.18 percent to 6,275.10 while France's CAC-40 had lost 0.64 percent to 3,299.12.
Japan's Nikkei 225 stock average closed down 3.72 percent at 9,299.88 and Hong Kong's Hang Seng dived 4.29 percent to 20,946.14. China's Shanghai Composite Index lost 2.13 percent to 2,627.08.
"Losses today have been indiscriminate," said IG Markets strategist Ben Potter in a report. "The big question on everyone's mind is what will happen across European and U.S. markets tonight and will there be any form of emergency policy response?"
The Dow closed Thursday down 512.76 points, at 11,383.68. It was the steepest point decline since Dec. 1, 2008.
Thursday's decline was the ninth-worst by points for the Dow. In percentage terms, the decline of 4.3 percent does not rank among the worst. On Black Monday in 1987, for example, the Dow fell 22 percent.
'Extremely fragile'Investors fretted over the U.S. economic recovery ahead of Friday's release of crucial jobs figures for July, which often set the tone in markets for a week or two.