European, Asian Markets Slide on US Recession Fears
LONDON (AP) -- Global market turmoil extended into a second week as European and Asian markets tumbled Monday in the wake of Wall Street's drop on Friday amid persistent worries about a possible U.S. -- and worldwide -- economic slowdown.
"With no market moving news out today, the slide follows on from losses suffered in the U.S. markets at the end of last week and in Asia this morning," said Nathan Miller, a trader at CMC Markets in London.
In Europe, the U.K.'s FTSE dipped 1.9 percent to 5,754.9 around midday. Germany's DAX slipped 1.6 percent while France's CAC 40 declined 2.2 percent.
China's benchmark index plummeted 7.2 percent to its lowest point in six months on concerns that a recession in the U.S. would mean less demand for Chinese-made products.
By Toby Anderson, AP Business Writer