Bourses crash as gloom spreads about global economy

Spanish blue-chip Ibex 35 falls almost five percent

The Spanish bourse joined other major stock markets on both sides of the Atlantic in suffering heavy losses on Thursday, as fears grew of a global recession.

Japan and Europe took their cue early on from the overnight falls on Wall Street after the Federal Reserve warned of "significant downside risks to the economic outlook, including strains in global financial markets." That came on top of similar warnings earlier this week by the International Monetary Fund.

The Spanish blue-chip Ibex 35 closed down 4.62 percent. In the rest of Europe, Frankfurt's DAX shed 4.96 percent, while the CAC 40 in Paris lost 5.25 percent. The PSI-20 in Lisbon dropped 5.52 percent.

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