Global stocks plummet on US recession fears

Shares in Asia and Europe plunged on Monday amid concern that a United States recession would hit global growth. The Toronto stock exchange was also down by more than 4% at midday trading.

Investor sentiment that George Bush's plans for a fiscal boost, unveiled on Friday, would do little to stimulate growth in the United States, along with expectations that Bank of Japan would lower its growth forecast, rocked markets in Asia.

Tokyo's Nikkei 225 index closed down 3.86% at 13,326. Hong Kong's