World stocks sank Wednesday after poor U.S. retail sales date sharpened concerns that global efforts to restore confidence in the financial system will not be enough to stave off a deep recession.
the Dow Jones index of leading U.S. shares was down 302.58 points, or 3.3 percent, at 9,008.41, after U.S. retail sales data raised expectations that the world's largest economy is already in recession or about to move into one.
The selling was stoked by a U.S. government report showing that retail sales plunged in September by almost double the drop analysts had expected
"The bottom line is that the economy is now in recession and the downturn is already looking more severe than either of the last two recessions," he added
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