FT – Global stock markets fall sharply as fears over US recession drive sell-off
The Financial Times leads with a story on US stocks finishing sharply lower to close out global market rout. The paper says Tokyo’s Topix fell 12.2%, the sharpest sell-off since “Black Monday” in October 1987. “Markets, which have been rising for most of this year, fell amid fears the Federal Reserve has been too slow to respond to signs the US economy was weakening, and might be forced to play catch-up with a series of rapid interest rate cuts,” the paper adds.