European stocks dropped quickly on Wednesday, following huge falls in Asia. Trading was frozen on Russia's two main stock markets after plunges of more than 11% on opening, while the FTSE 100 index fell 5.58%.
European stock markets raced lower on Wednesday as panic selling set in amid the global financial crisis.
Trading was frozen on Russia's two main stock markets after plunges of more than 11 percent in initial trading.
London's FTSE 100 index was off by 5.58 percent at 4348.42 points, after Britain announced the partial nationalisation of eight British banks.
Continent-wide losses came after Tokyo's stock index shed 9.38 percent to mark its biggest one-day loss since October 20, 1987.
In Vienna, the ATX index lost almost 10 percent in morning trading to 2,222.45 points
Frankfurt's Dax index of blue-chip shares had lost 6.84 percent to 4,982.88 points, hitting levels last seen in late September 2005.
French stocks fell even further, losing 8.18 percent owing to the deepening world financial turmoil, while in Amsterdam the stock market had dropped 9.18 percent an hour after its opening.
Milan was off by 6.11 percent in morning trading, and Brussels' Bel-20 index lost 6.5 percent as the financial crisis tightened its grip on all virtually all markets.
Stock prices on the Prague exchange fell by more than 7.0 percent.
In Zurich, Swiss shares fell by relatively modest 3.45 percent in opening trade, with banking stocks hit the hardest.
Date created : 2008-10-08