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Worldwide stock market plunge on recession fears

The last couple of days have seen all of last weeks increase in markets evaporate and more with the FTSE100 falling to a 5 year low of 3,861. The 5% fall in the UK was followed by a rather volatile day on Wall Street which managed to bounce back after recent falls, but Hong Kong was down 8% with other markets in the Far East following the same direction.

News that Swiss banking giant UBS had to be saved by the authorities signalled another bad day for worldwide markets, something which was further highlighted when the Japanese PM insisted that it was all the fault of the US and then suggested that the $700 billion bailout was insufficient to make a real difference.

Traders in the City are scared to look at the latest news for fear of what they might find with more bad news expected. Panic selling seems to be the name of the game at the moment which is rather disappointing after the up beat response to government led initiatives over the last week or so. Are we seeing the big sell of before the market bottoms out of is this another down leg?

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