World markets slide again despite shock rate cuts

Traders work on the floor of the Brazilian Mercantile and Futures Exchange in Sao Paulo, Wednesday, Oct. 8, 2008. Latin American stocks fell Wednesday for the third day in a row on fears that a recession is gripping the planet and will hurt Latin America's largest economies. Brazil's Ibovespa index plunged 5.1 percent when trading opened but then recovered most of the lost ground and was down 0.8 percent to 39,834 in late morning trading. The losses led Latin American markets and came on top of a 4.5 percent plunge Tuesday. (AP Photo/Andre Penner) By PAN PYLAS Associated Press Writer LONDON (AP) - World stock markets swooned once more Wednesday as concerns about the state of the global economy outweighed a coordinated rate cut by top central banks aimed restoring confidence in the world's crisis-stricken financial system.... [read full story]