European markets tumble after Dow Jones takes biggest hit since financial crisis

European markets tumble after Dow Jones takes biggest hit since financial crisis

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The European and Asian stock markets plunged on Tuesday morning, one day after Dow Jones dropped by 1,175 points in the biggest one-day fall since the 2008 financial crisis.

Britain’s FTSE 100 was down 3% and Europe’s Stoxx 600 Index fell 2.2%, marking the worst drop since June 2016 — when the Brexit referendum took place.

In Asia, at one point Japan’s Nikkei 225 fell 7% and Hong Kong’s Hang Seng dropped 5.12%.

The Dow Jones plunge is the worst drop in points since September 2008 when a plan to rescue the US banking industry was rejected.

Since Friday, the Dow has plunged by more than 1,700 points in two trading days.

Stocks on global markets have exteded their recent selloff led by declines in energy shares, while US Treasury yields fell back from almost four-year highs overnight.

The decline follows months of market increases, which have fuelled concerns that share prices are over valued.

Experts are warning of more volatility to come. __EuroNews

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