French stock market plummets

French stocks nosedived on Thursday in line with exchanges across Europe amid fears of a new global recession.

Bank stocks plunged in afternoon trade, with Societe General down more than 12 percent on reports of US Federal Reserves concerns about the health of European banks.

“A brutal day so far for equity markets with financials under pressure, not helped by the Sarkozy-Merkel proposals for a financials transaction tax but also by worries that a key eurozone bank is in trouble,” VTB Capital economist Neil MacKinnon told news agency AFP.

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