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Collapse continues: Stock markets lost $4 trillion

Staff Writer |
World stock markets nosedived for a fourth day, having seen $4 trillion wiped off from what just eight days ago had been record high values.

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Europe’s main bourses started down as much as 3 percent, and Wall Street futures offer a chink of light as they turned higher but commodities suffered too, with oil and metals all tumbling backwards as what had been one of their best starts to a year also soured rapidly.

Wall Street’s Dow Jones and S&P 500 benchmarks had slumped 4.6 percent and 4.1 percent on Monday, their biggest drops since August 2011. It was also the Dow’s biggest fall on a pure points basis of all-time.

Europe’s early drop sent the region’s STOXX 600 to its lowest level in six months.

There was intense trading activity, with more than 40 percent of the average daily volume traded on Germany’s DAX and Europe’s STOXX 50 by 0845 GMT, Reuters reported.

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