Rio Tinto Group, E.ON AG and Barclays Plc fell more than 11 percent in Europe. Japan's Nikkei 225 Stock Average slumped 11 percent, the second-biggest drop on record.
The MSCI World lost 3.7 percent to 922.44 at 11:51 a.m. in London, extending this week's drop to 19 percent, the most since records began in 1970. Standard & Poor's 500 Index futures slid 2.7 percent. Europe's Dow Jones Stoxx 600 Index slumped 6.9 percent, and the MSCI Asia Pacific sank 6.4 percent.
U.K stocks tumbled on Friday after a dramatic late sell-off in New York extended the sustained losing streak on world stock markets. The FTSE 100 opened 429 points down to 3,884.6, a loss of 10 per cent taking it to levels last seen in May 2003. But it came off opening lows to stand 7.3 per cent weaker at 3,997.0, a loss of 318 points.
The pattern was repeated across Europe, and by mid morning, the FTSE Eurofirst 300 was down 6.2 per cent, having earlier tumbled 9.6 per cent. Frankfurt’s Xetra Dax was down 8 per cent and the CAC 40 in Paris lost 5.8 per cent.
Asian stocks tumbled, driving Japan's Nikkei 225 Stock Average to its biggest weekly decline on record, on concern the deepening credit crisis will push the global economy into a recession.
Japan's Nikkei plunged 9.6 percent to 8,276.43. The gauge slumped 24 percent this week, the steepest decline since 1949, when data began.
Australian stocks plummeted the most since the October 1987 market crash as a credit freeze deepened, worsening the outlook for the global economy. ustralia's S&P/ASX 200 Index plunged 360.20 points, or 8.3 percent, to 3,960.70 at the close of trading, extending its weekly decline to 16 percent, the biggest rout in the index's history dating back to 1992.
China's stocks slumped for a fifth day, driving the benchmark index to its worst week on record, amid concern the deepening credit crisis will push the global economy into recession and curb demand for Chinese goods. The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, declined 88.34, or 4.4 percent, to 1,906.96 at the close.
Indian stocks fell, with the Sensitive Index poised for its worst week in almost 18 years on concern the deepening credit crisis will push the global economy into recession. The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 611.07, or 5.4 percent, to 10,717.29 as of 10:58 a.m. local time.
Russia's market regulator delayed the opening of trading today on the Micex and RTS stock exchanges, after U.S. markets fell to five-year lows and Asian and European shares tumbled on concerns of a global recession. The Micex Index of 30 stocks climbed yesterday for the first time in seven days, adding 9.8 percent to 700.37, rebounding from a three-year low. The RTS Index gained 11 percent to 844.75.