Worldwide panic sparks sell-off
A man looks at a video display showing financial data in downtown Tokyo October 10, 2008. The Nikkei average tumbled 11 percent on Friday, leaving it facing its biggest one-day drop since the 1987 stock market crash on fears the financial crisis will lead to a global recession.(Yuriko Nakao/Reuters)
European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.