News Service from Weird House

World stocks dive on recession fears

Global stock markets plunged today .. extending sharp losses from a day earlier .. as investors shrugged off BARACK OBAMA'S election as US president to focus on recession fears.

Shortly after trading began in Europe .. the London stock market was down almost three per cent .. and so was Frankfurt .. while Paris tumbled more than three per cent.

Nordic markets also fell heavily.

Earlier .. the Australian share market closed more than four per cent lower.. Tokyo was down six-and-a-half per cent .. Hong Kong dived seven per cent and Seoul shed even more .. 7.6 per cent.

US stocks had plunged overnight as investors worried about the global financial crisis and a US recession .. a day after Democrat OBAMA was elected the first American black president in a landslide victory.

The Dow Jones Industrial Average plummeted five per cent.

AAP RTV apmwzrt =0A