European and Asian stock markets have fallen heavily in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend.
London's FTSE 100 index was down 2.5%, in Paris the Cac 40 slumped 2.6% and Frankfurt's Dax fell 3.4%.
European bank shares have been hit. Societe Generale fell 8%, Commerzbank was down 7.5% and HBOS declined by 9%.
Asian stocks also fell, with Tokyo's Nikkei average closing 3.7% lower and Hong Kong's Hang Seng slumping 5.2%.
In Mumbai, the Sensex was down 6.3%.
