Irish share losses now top €7bn amid global sell-off

The global stock market rout that has roused fears that the world is heading into recession has cost Irish shares over €7bn in just two weeks of trading since the start of the year.

The Irish stock market yesterday plunged by more than 2% as the new year sell-off advanced across the US, European and Asian exchanges on fears that China’s economy, the second largest in the world, was faltering.

A further slide in the price of crude oil this week to $30 a barrel, although helpful for oil-importing economies, has further roiled the Chinese currency and oil stocks.