Growing fears of economic recession send stock and share prices plunging around the globe.

A wave of panic selling was triggered by worries that a slowdown in the United States could significantly damage European economies. 

A fresh wave of fear washed over the markets.

There was a drop in share prices throughout the globe. Hong Kong fell by 5%, 7% in India, 7% in Germany, 5% in Spain, 4% in London and 4% in Dublin. 

Shares in Ireland fell by more than three billion Euro while Germany saw the stock market dive by seven per cent. 

Christoph Schmidt, Fleischhacker Trading Bank, puts the fall in values down to panic selling.  For Dan MacLaughlin, Economist at the Bank of Ireland, the situation is symptomatic of the fear factor in the markets.  

Britain's Prime Minister Gordon Brown tried to reassure investors, while on a visit to India. 

Countries like India and Britain are determined to do everything in our power to maintain the stability of our economies.

The uncertainty stems from the US, where consumers are now running into trouble paying mortgages and credit card bills. 

An RTÉ News report broadcast on 21 January 2008. The reporter is David Murphy.