Global Stocks Skid Amid Recession Fears

New rash of selling in Europe and Asia despite mammoth bailout packages
By Jim O'Neill,  Newser User
Posted Oct 15, 2008 5:40 AM CDT
A Filipino trader looks at the graph on a computer at the Philippine Stock Exchange in the financial district of Makati, south of Manila, today.   (AP Photo/Aaron Favila)
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(Newser) – The global market rally lost steam today as fears of a deepening recession prompted investors to resume looking for cover after profit taking—despite more than $2 trillion being pledged by governments to help thaw frozen credit markets, reports Bloomberg. Markets closed lower in Hong Kong, Seoul and Sydney. London, Frankfurt, Paris, Madrid and Zurich all were down in early trading.