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.
- A d v e r t i s e m e n t
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.