“Write off this year as a huge loss and forget about next year as well. That is what stock markets and economists around the world are saying with increasing frequency.
Asian stocks tumbled following Wednesday’s sell-off on Wall Street. European stocks are lower: London and other markets are off 1 percent.
Some support came as Switzerland's central bank has surprised the markets by cutting its benchmark interest rate by a full point in the face of a weakening economy. But a report showing that initial claims for state unemployment jumped by 27,000 last week unnerved the market. The number of Americans receiving unemployment claims is now more than 4 million, the most since December 1982.
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