Global markets suffer worst losses in years

[Chacor]

Global markets have suffered heavy falls after a raft of bad news including a fresh record for the price of oil.

Traders digested news that oil traded at more than $140 a barrel in New York and reacted to signs that the global credit crunch was far from over.

In the US, the Dow Jones index fell more than 3% to 11,453.42, its lowest close in nearly two years.

European shares fell to their lowest level since October 2005.

In the UK, the FTSE 100 index shed 2.6% to close at 5518.2.

In Paris, the CAC 40 lost 2.4%, hitting 4,426.19, and Germany's DAX index also lost 2.4% to finish the day at 6,459.60.

Continues here.

[Cryomaniac]

And now the Nikkei is dropping.

Down 2.44% at the moment. And it only just opened, lets hope it doesn't fall much more.