After initial positive reactions to the interest rate cuts, stock markets in Europe sagged to multi-year lows.
Indices from London to Paris and from Frankfurt to Milan all shed five to six percent on Wednesday. Stocks in New York's Dow Jones index has rebounded from a two percent loss and are now up one percent. Asian markets, which had closed before the interest rate action, suffered massive losses, headed by Japan's Nikkei index, which lost around nine percent of its value.
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