Europe's main stock markets plunged on renewed fears of recession in the US following news of a severe slowdown in service sector activity in the world's biggest economy.
The London FTSE 100 index fell 2.63% at the close to 5,868 points, while the CAC in Paris was down 3.96% to 4,777 and the DAX in Frankfurt ended the day 3.36% lower at 6,765.
A dismal survey released today of the US services sector showed a contraction for the first time in nearly five years in January, raising the odds that a recession is at hand.
The ISEQ had plummeted 294 points (4.25%) to 6,616 by the close, after a profit warning from Readymix and as DCC said that currency volatility would affect its earnings. After losing as much as 16% of its value, Readymix was down nearly 8% at €1.40 in late trading. DCC was down 7.3% to €17.50 at close.
The banks all dropped today, with AIB down 3.8% to €15.07, Anglo-Irish Bank down 4.84%to €9.65 and Bank of Ireland down 4% to €9.80. Irish Life & Permanent fell the farthest, at 9.34% to close at €10.40.
On Wall Street, the Nasdaq fell 1.61% to 2345 points, while Dow Jones was down 1.9% at 12399.
Earlier this morning, Tokyo's Nikkei 225 index closed 114 points lower (0.8%) at 13,746 investors took a cautious stance ahead of earnings results from Japanese corporate heavyweights including Toyota.
