The freefall in world markets has continued as Wall Street opened with more heavy losses.
Trading screens turned red in the City as global recession fears fuelled panic across markets worldwide.
London's Footsie ended trading on Friday below the 4,000 mark for the first time in more than five years - down 8.9% - as a dire start in US markets offered no respite. The FTSE 100 ended the day at 3932.1, and plummeted 21% over the week - wiping more than £250 billion off the value of top-flight stocks in the process.
The Dow Jones Industrial Average, which fell more than 7% on Thursday, tumbled a further 8% in early trading.
Across Europe, France's CAC 40 and Germany's Dax were also showing losses of more than 10% in a day of trading carnage.
Overnight losses in Asia saw Japan's benchmark Nikkei 225 index close almost 10% lower - down 881 points in its worst session since Black Monday in 1987.
The latest share tumble comes after a tumultuous week for world markets. Monday saw the biggest Footsie fall since the Black Monday crash in October 1987 - wiping £93 billion off the index - and have dropped heavily every day except Tuesday.
Meanwhile, Eurozone countries are to hold an urgent summit meeting on Sunday to discuss ways to respond to the worldwide financial crisis, French officials said.
French President Nicolas Sarkozy's office said national leaders are to join European Union Commission President Jose Manuel Barroso and European Central Bank (ECB) chief Jean-Claude Trichet for the meeting in Paris.
Mr Sarkozy's office said in a statement that the meeting is designed "to define a joint action plan" among the 15 countries using the euro currency and the ECB. France called the meeting as current holder of the European Union's rotating presidency.
http://ukpress.google.com/article/ALeqM5hRdPZaLUa8MPZsx5UhjbarPOsJyg
Trading screens turned red in the City as global recession fears fuelled panic across markets worldwide.
London's Footsie ended trading on Friday below the 4,000 mark for the first time in more than five years - down 8.9% - as a dire start in US markets offered no respite. The FTSE 100 ended the day at 3932.1, and plummeted 21% over the week - wiping more than £250 billion off the value of top-flight stocks in the process.
The Dow Jones Industrial Average, which fell more than 7% on Thursday, tumbled a further 8% in early trading.
Across Europe, France's CAC 40 and Germany's Dax were also showing losses of more than 10% in a day of trading carnage.
Overnight losses in Asia saw Japan's benchmark Nikkei 225 index close almost 10% lower - down 881 points in its worst session since Black Monday in 1987.
The latest share tumble comes after a tumultuous week for world markets. Monday saw the biggest Footsie fall since the Black Monday crash in October 1987 - wiping £93 billion off the index - and have dropped heavily every day except Tuesday.
Meanwhile, Eurozone countries are to hold an urgent summit meeting on Sunday to discuss ways to respond to the worldwide financial crisis, French officials said.
French President Nicolas Sarkozy's office said national leaders are to join European Union Commission President Jose Manuel Barroso and European Central Bank (ECB) chief Jean-Claude Trichet for the meeting in Paris.
Mr Sarkozy's office said in a statement that the meeting is designed "to define a joint action plan" among the 15 countries using the euro currency and the ECB. France called the meeting as current holder of the European Union's rotating presidency.
http://ukpress.google.com/article/ALeqM5hRdPZaLUa8MPZsx5UhjbarPOsJyg
