World markets slump despite Obama election

Stock markets across Europe have suffered losses this morning following a dismal day on the US markets yesterday.

The Dow Jones lost more than 5% of its value in New York yesterday, reversing gains made in the immediate aftermath of Barack Obama's election as US President.

Asian stocks also slumped overnight, with Japan's Nikkei Index down 5.7%, Hong Kong's Hang Seng down 6.7% and South Korea's Kospi Index down 7%.

The FTSE 100 in Britain, the CAC in France and the Dax in Germany were all down by more than 3% in early trading this morning, while Ireland's ISEQ Index was down 1.5%.