World stock markets plunge as global recession fears grow
Stocks plummeted across the world on Monday amid fears of a global recession, with markets in Europe suffering their biggest one-day losses since the September 11th attacks on the United States. Dealers said a major new plan by President George W. Bush to prevent a US recession was not enough to offset the stream of bad news from banks due to the crisis in the American housing market. "People aren't buying the US bail-out story and that feeling has been exacerbated by the weakness overnight in the Asian markets," said Richard Hunter, equities analyst at broker Hargreaves Lansdown in London. "The other thing we have seen today is a lack of buying interest -- people are battening down the hatches while they see what happens in the US," he said.
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