Australian stocks plunge on global recession fears

The World Today - Friday, 10 October , 2008 12:00:00 ELEANOR HALL: The Australian share market is in a tailspin this lunchtime reflecting the fear in the United States and Europe that the world is spiralling closer towards a deep global recession. The All Ordinaries Index plunged almost eight per cent in early trading with banks and the mining sectors hardest hit. Japan's Nikkei has fallen by around 10 per cent. Investors are spooked again by Wall Street which closed down more than seven per cent this morning, amid concern about the viability of the auto giant, General Motors. Business editor Peter Ryan has the latest. FEMALE: The selling came in at the last minute and a lot of it… PETER RYAN: On the floor of the New York Stock Exchange the financial crisis is rewriting history at frantic pace. Today the losses doubled to... [read full story]