The brief rally on global sharemarkets ended with a thud this morning as fears about Europe's debt crisis and America's economic recovery deepen.
Wall Street has closed around four percent weaker after a surprise fall in US housing starts and a rise in claims for jobless benefits. Earlier, markets dived across Europe on deeper worries about sovereign debt exposures. Paris and Frankfurt ended around 5.5 percent weaker
The worsening outlook spooked investors and raised fresh concerns that the US might fall back into recession.
Here's how I reported it on this morning's editon of AM.