European markets tumbled in early trading Wednesday amid ongoing fears about the state of credit markets despite the British government's 50 billion pound ($87.5 billion) rescue package for the banking system. In Asia, Japan's Nikkei suffered its worst day since the 1987 stock market crash.
Banking stocks were among the biggest fallers across European markets, with Credit Suisse AG, BNP Paribas SA and Societe Generale some of the worst hit. However, British banks have fared slightly better after the British government's announcement that it stands ready to take stakes in British banks and give them fresh capital.
By mid-morning London time, the CAC-40 index in France was 229.33 points, or 6.1 percent, lower at 3,502.89, while Germany's...