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Asia, Europe markets extend decline

AP, tendon
Turbulence roiled world stock markets again Tuesday, with Asian stocks down for a second day on fears of recession in the US European stocks fell at the opening but then pared their losses in volatile trading.
'Some people think there's going to be a deep fall off a cliff because of a potential recession in the U.S., said Lawrence Peterman, investment director at Eden Financial, a London based stockbroker He saw opportunities in British stocks however.
The dramatic declines in Asia and Europe so far this week threatened to spread to Wall Street after the three-day Martin Luther King holiday weekend that saw U.S markets closed Monday Early indicators suggested prices on Wall Street would plunge when the markets open there Tuesday
By midday, the UK's FTSE 100 was down 0.3 percent at 5,560.90. Germany's DAX down 1.7 percent at 6,671.82. while France's CAC 40 dropped 1.3 percent to 4,681 07.
Japan's Nikkei 225 index tumbled 5.7 percent its biggest per centage drop in nearly 10 years to 12.573.05, a day after falling 3 9 percent. Australia's benchmark index sank 7.1 percent, its steepest one-day slide in nearly 20 years.
Hong Kong's Hang Seng index, which slumped 5.5 percent Monday, finished down 8.7 percent In China, the Shanghai Composite index lost 7.2 percent to 4,559.75. its lowest close since August.
Indian Finance Minister P. Chidambaram urged investors to remain calm after trading in Mumbai was halted for an hour when the stock market there fell 10 percent within minutes of opening. The Sensex rebounded some to close down 5 percent after plunging 7.4 percent Monday.
"There is no reason at all to allow the worries of the Western world to overwhelm us," Chidambaram said.
Investors have dumped shares in frenetic trading the last two days on worries that the U.S. economy, battered by a credit crisis and housing slump, will shrink in coming months, weakening demand
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I here is also skepticism that U.S. authorities will be able to prevent a recession. The Federal Reserve has indicated it will lower interest rates further, and President Bush has proposed an economic stimulus package that includes SI45 billion in tax cuts, but investors around the world are doubtful that the measures will lift the economy quickly.
"Unless we get some positive 'shock effects,' such as drastic measures from the U.S. government, there is almost no hope for a recovery in stocks." said Koji Takeuchi, senior economist at Mizuho Research Institute inTokyo.
Oil and gold prices also fell. Light, sweet crude for February delivery fell to $87.72 a barrel on expectations that slower U.S. growth will lead to less demand for crude. Spot gold, which usually benefits from market uncertainty, fell to a two-week low of $855.20 per troy ounce.
In the U.S. stocks are expected to tumble following the long holidayweekend.
"U.S indices are heading for carnage at the open," said Martin Slaney, a trader at U.K. spreadbettor GFT Global Markets.
U.S. markets were closed
Monday for a holiday commemorating civil rights leader Martin Luther King Jr. But Wall Street future prices were down sharply. The Dow Jones industrial average futures were down 523 points, or 4.3 percent, while Standard & Poor's 500 futures were down 64.4 points, or 4.8 percent.
Noritsugu Hirakawa, who monitors stock trading at Okasan Securities Co in Tokyo, said investors were spooked by the drastic falls on Chinese and Indian markets the two emerging economies that are viewed as sustaining global growth even as the U.S. economy sputters.
"The end to the slides in Asian stocks is nowhere in sight," he said. "There is even speculation that China may be exposed to the U.S. subprime mortgage crisis."
Indonesia's benchmark index closed the day down 7.7 percent, Singapore's Straits Times index sank 6 percent and Taiwan's market fell 6.5 percent.
Asian markets have been in a downward spiral for most of January. Since the start of the year, Japan's Nikkei index has tumbled nearly 18 percent, while the Hang Seng is down a stunning 22 percent.