European markets reversed earlier gains to trade lower this morning as investors worried about the worsening global economy.
After gaining almost 2% earlier this morning the Dublin market was down .5%, with the banking stocks mixed.
London's FTSE dropped 1.8%, while the Paris market lost over 1.5% and the Frankfurt DAX was down 2%.
In Asia, The Japanese stock market closed almost 2.5% lower after falling as much as 7% in earlier trade.
Shares on the Irish stock exchange fell by 6% yesterday.
The falls came despite news that a major economic summit will be held in less than a months.
This morning, Credit Suisse, Switzerland's second biggest bank, said it is adopting a cautious outlook in a challenging environment, as it wrote down €1.6bn in assets in the third quarter.
