Europe/Asia markets down

European markets have opened down following the trend in Asia as recession concerns continue to weigh on trading.

The FTSE, the Dax in Frankfurt and the CAC quarante all fell to around 3 percent on opening.

There were similar falls on the other main European markets.

Earlier Asian stocks slumped 7 percent and commodity-related currencies tumbled on Thursday as more evidence that the US economy is shrinking made investors brace for a potentially deep and prolonged global recession.

Both the European Central Bank and the Bank of England are expected to cut interests today in a bid to ease the situation in the markets.

A half point cut is expected, though there’s been pressure on both central banks for more.

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