LONDON - Britain's top share index lost 7.16 percent, snapping a two-day bounce back as commodity stocks slumped amid growing fears of global recession.
The FTSE 100 ended down 314.6 points at 4,079.6 erasing a big chunk of the near 12 percent rebound seen in the previous two sessions after plummeting 21 percent last week -- its second worst weekly fall ever.
EUROPE - European shares sank 6.4 percent, snapping a sharp atwo-day rally, on mounting fears that bold government moves to tackle the credit crisis would not prevent the global economy from tipping into recession.
The FTSEurofirst 300 index of top European shares closed 6.46 percent lower at 903.67 points. The index, which is down 40 apercent year-to-date, had gained 10 percent on Monday and 3.1 percent on Tuesday.
Investors dumped mining shares, with the DJ Stoxx basic resources index plummeting 16 percent, tracking a sharp selloff in commodity prices on recession concerns.
FRANKFURT - The DAX index ended at 4861.63 points, down 337.56 or 6.49 percent.
PARIS - The CAC-40 index closed at 3381.07 points, down 247.45 or 6.82 percent.
ZURICH - The Swiss market index closed at 5911.17 points, down 349.05 or 5.58 percent.
MILAN - The All Share Mibtel index closed at 16840 points, down 877 or 4.95 percent.
TOKYO - The Nikkei average reversed course and rose 1.1 percent as a sense of panic over the financial crisis eased, though worries about the global economy and company earnings sent the market lower in earlier trade.
The Nikkei added 99.9 points to end at 9,547.47. It fell as much as 1.9 percent at one stage.
HONG KONG - Hong Kong shares slid 5 percent in anaemic turnover as investors locked in gains on a two-day, 14 percent rally amid worries about a slowdown in the global economy and its impact on corporate profits.
The Hang Seng Index closed down 834.58 points at 15,998.30. The index has dropped 42 percent so far this year.
MELBOURNE - Australian shares fell 0.8 percent, trimming two days of strong gains, as mining stocks such as Rio Tinto took a hit on expectations a sharp global slowdown would curb metals demand.
The S&P/ASX 200 index shed 35.2 points to finish at 4,300.0, paring the 9.5 percent gain made over the past two days.
JOHANNESBURG - South Africa's rand weakened as much as four percent on the dollar and stocks fell to their lowest closing level in more than two years as risk aversion took a turn for the worse on renewed fears of a U.S. recession.
The All-share index fell 6.99 percent to 20,571.87 points.
The All Gold index closed at 1842.73 points, down 26.74 or 1.43 percent, while the Industrial index closed at 15906.25 points, down 792.8 or 4.75 percent.