Investor fears came as bad economic data were released across the world and emerging economies appeared more vulnerable than thought to the world slowdown.
In the US, retail sales dropped 1.2 per cent in September, the sharpest fall for three years, leaving them 1 per cent lower than a year earlier, signalling that consumers were cowed from spending by the string of financial sector collapses throughout the month.
Ben Bernanke, Federal Reserve chairman, confirmed investors fears, warning that even if bank rescue plans succeeded in stabilising financial markets “broader economic recovery will not happen right away”.
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