Asian stock markets have plummeted overnight following carnage in the US and European markets amid fears the world was heading towards another financial crisis.
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European leaders have called an urgent meeting after a disastrous day on the markets yesterday.
Last night the markets on Wall Street closed having suffered the worst one-day drop in almost three years.
Earlier European stock markets had also fallen sharply.
It came as the European Commission President warned Europe’s sovereign debt crisis is threatening to engulf Italy and Spain.
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