Global equities teetered on the edge of bear market territory as the relentless gloom that has enveloped markets around the world since the start of 2016 showed little sign of lifting.
Once again oil prices provided the main driving force as crude benchmarks on both sides of the Atlantic sank to multiyear lows, fanning concerns about the prospects for global economic growth.
The FTSE All-World equity index was down 2.8 per cent on the day at its lowest point since mid-2013, just a fraction short of closing 20 per cent down from the record high it reached last year, the usual definition of a bear market.
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