Stock markets around the world slump further

The panic is spreading worldwide: the slump of every stock market can take the global economy into a deep recession. After Wall Street fell to a five-year low last night with the Dow Jones closing at 7.3% down, the day started very badly in Asia, where Singapore slid into recession, and quickly spread to Europe. In London, the FTSE 100 plunged more than 10% in the first 30 mins of trading.
What will happen in Wall Street today? And in Europe?

What does ‘recession’ mean? And what does it mean for your business and for your livelihood?

Here is a quick press review for you:

BBC News : Fear grips global stock markets

Reuters : Global rout, bank woes roil Wall Street

Guardian : Markets crash: How panic spread around the globe

Timesonline.co.uk : Wall St shares plummet, following London and Asia, as G7 gathers

Bloomberg : Most U.S. Stocks Decline on Credit Crisis; Regional Banks Gain