World stocks drop on recession fears
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World stocks fell Wednesday after poor US retail sales data stoked concerns that global efforts to restore confidence in the financial system will not be enough to stave off a deep recession.
Wall Street followed Europe and most Asian stocks in heading lower, as the Dow Jones index was down 3.5%, after US retail sales data raised expectations that the world's largest economy is already in recession or about to move into one. The FTSE 100 index of leading British shares closed down 7.2%, Germany's DAX dropped 6.5%, and France's CAC-40 plunged 6.8%. (AP)
