With companies warning of lower sales and smaller profits, stock investors around the world are fleeing for the exit.
Gloomy forecasts from big Japanese exporters like Toyota, Sony and Canon sent the Nikkei index plunging 10 percent Friday. South Korean electronics giant Samsung posted a big drop in quarterly profits, and that country's index fell 11 percent.
In Great Britain, data released Friday shows economic output shrank, and all the European stock markets are plummeting, with Russia down 14 percent.
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