Global stock markets plunged on Thursday as central bank interventions in Europe and Japan failed to soothe investors’ concerns over economic growth and the eurozone debt crisis.
The European Central Bank bought government bonds for the first time since March, the Bank of Japan intervened in currency markets to halt the rise of the yen and the Turkish central bank cut rates to an all-time low.
But investors still took fright as most major stock indices entered “correction” territory, having fallen more than 10 per cent this year. The FTSE 100 in London and Germany’s Dax-30 both fell 3.4 per cent, while the S&P 500 lost 2.4 per cent in morning trading.
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