Sky News 
Friday, October 10, 2008
The FTSE fell more than 10% in the first hour of trading today as meltdown hit the world markets.
More than 400 points were wiped off the FTSE 100 Index in early trading – taking it below 4,000 points for the first time in five years.
It has since recovered slightly to around a 5% fall.
In Austria, the Vienna stock exchange suspended trading this morning after several shares plunged more than 10%.
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In Hong Kong, shares closed down 7.2%, hitting a three-year low.
Analysts believe global recession could be inevitable as the fall is affecting all sectors of the stock market.
Banking stocks are among the worst hit, as the Government’s bail-out package has failed to reassure panicked investors.