RECESSION FEARS HIT STOCK MARKETS!

European and Asian markets have fallen sharply on fears that the world economy will enter a protracted slump.
The slide comes after the Dow Jones share index in New York fell to its lowest level in five years.
London's FTSE 100 index opened down more than 2%, with mining shares hardest hit. French and German markets also lost ground.
In Asia, Japan's Nikkei index ended 6.8% lower and Hong Kong's main index fell more than 4%.
Data showing Japan's exports to Asia dropped in October for the first time since 2002 added to fears over the scale of the economic downturn.
On Wednesday, the Dow Jones index fell 5% after the US central bank slashed its economic growth forecasts for 2009.

The BBC's Duncan Bartlett in Tokyo says several East Asian countries - including Japan, Singapore and Hong Kong - are already in recession and the thought that the US may be about to join them has been enough to send shares tumbling across the region.
Bad news from the US worries Japanese firms like Toyota and Nintendo which usually depend on American consumers to make a lot of their profit, our correspondent adds.
"We've gone past the poor sentiment stage," Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, told the Associated Press news agency.
"People are looking for any kind of positive and there are just no positives out there. Everyone seems to be united in the depressed global outlook. Whether it's commodities or equities, everything seems to be on a downturn."

On Wednesday, the US Federal Reserve said the country's gross domestic product - the value of all goods and services - could be flat or grow only marginally this year, and might shrink in 2009.
It said positive economic growth was only likely to return in 2010 and predicted further interest rate cuts might be necessary.
Month-on-month US consumer prices fell by 1% in October - the biggest drop in 60 years - which has reinforced fears of rapid slowdown.

BBC NEWS REPORT.