UNO UPDATE: New World Order News Digest

World stocks in meltdown over US economy fears
European and Asian stock markets plummeted Wednesday, mirroring heavy losses the previous day in New York, on mounting fears that weakness in the US housing sector could infect the world economy.

In London, Frankfurt and Paris the main share indices were down almost 2.0 percent nearing the half-way stage.

The yen meanwhile hit a four-month high against the dollar and oil traded close to an all-time peak in New York as investors exited risky investments and turned to safe-havens, dealers said.

Wall Street took a pounding Tuesday, with its three main markets closing down more than 1.0 percent as news of spreading troubles in the US mortgage sector prompted investors to bank profits.

Japanese stocks slumped by more than two percent on Wednesday, with the Nikkei-225 index ending below 17,000 points for the first time in more than four months.

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