4. Close-up of two female traders working at desks
5. Close-up of board showing movement and date on main board
6. Wide of main board
7. Close-up of graph
8. SOUNDBITE (English) Dirk Mueller, trader for MWB Fair Trade:
"The mood is very tense, and everyone has only had a few hours of sleep tonight. We have a finance crisis and a world crisis twenty-four hours a day, with only a few hours of sleep in between, so everyone is in tension at the moment."
9. Mid of traders at the Richelieu Finance office
10. Close-up of computer screen showing the CAC-40 index lost 8.18% on Wednesday morning
11. Various of traders at desk looking at computer
12. Computer graph showing the fall of the CAC-40 index at the opening of the French stock exchange on Wednesday morning
13. SOUNDBITE (French) Nathalie Pelras, head of Asset Management, Richelieu Finance:
"There is general panic today because some markets have lost up to 8%, including Paris. This reflects the variations we've seen recently, especially in Asia overnight. Yesterday the American market lost 5% so I think we are completely in a crisis of confidence. Whatever the measures that are being announced, whatever the rescue plans, I would say that the more these plans are important and frequent, the more it feeds the spiral of pessimism because people say 'if there are so many plans, the situation must be really bad' and that is what brings the markets down."
14. Traders working at desk
15. Close-up of computer screen showing trading of the CAC-40
16. Close-up trader looking at figures
17. SOUNDBITE (French) Nathalie Pelras, head of Asset Management, Richelieu Finance:
"The irony is that all the rescue plans that are being announced are there to correct the mistakes from the past. Today these are not plans for economic revival. They are plans for corrections because we don't really know all the risks coming from the financial and industrial stocks."
18. Pan right to Pelras talking on the phone
(FIRST RUN 1030 NEWS UPDATE - 8 OCTOBER 2008)
19. Wide of Moscow street
20. Mid of Europe monument
21. Wide of MICEX exterior
22. Mid of sign reading (Russian and English) "Interbank Currency Exchange"
"There are certain rules that regulate the functions of the stock exchange. In accordance with this rule if the technical index of MICEX drops by more than ten percent we are obliged to stop trading until the end of the next trading day or until a corresponding decision is made by the regulating agency."
European markets tumbled in early trading on Wednesday amid ongoing fears about the state of credit markets despite the British government's 50 (b) billion pound (87.5 (b) billion US dollar) rescue package for the banking system.
The results seemed to be in line with similar falls in Asia, where Japan's Nikkei suffered its worst day since the 1987 stock market crash.
A meltdown in confidence strangled Asian stock markets on accelerating fears that the widening financial crisis could spawn a global recession.
Across Europe, banking stocks were among the biggest losers with Credit Suisse AG, BNP Paribas SA and Societe Generale some of the worst hit.
By mid-morning London time, Germany's DAX was down 323.99, or 6.1 percent, at 5,002.64.
Dirk Mueller, trader for MWB Fair Trade said the mood was very tense, and traders were getting little sleep because of what he described as a 24 hour world financial crisis.
France's CAC-40 index was 229.33 points, or 6.1 percent, lower at 3,502.89.
In France, the selling tide was so huge that the Paris stock exchange briefly suspended calculating the benchmark CAC-40 index amid a massive influx of sell orders that caused it to plummet nearly 8.2 percent at one stage.
Orders passed a threshold of 35 percent of the total market value of the 40 blue-chip stocks that make up the index, triggering an automatic halt in the calculation under exchange rules, a spokeswoman for the Paris exchange said.
Nathalie Pelras, head of Asset Management, Richelieu Finance said there was general panic on Wednesday because some markets have lost up to 8%, including Paris.
Russia's MICEX index dropped more than 14 percent in the first half-hour of trading Wednesday.
Most of Russia's trading takes place at Moscow's MICEX stock exchange, and officials subsequently announced that it was shutting until Friday after it opened with steep losses.
MICEX Spokesman, Alexei Gerasyuk, said certain rules regulating the functions of the stock exchange obliged officials to stop trading until the end of the next trading day or until a corresponding decision is made by the regulating agency.
Russia's oil-fuelled economy saw its stocks hurtle lower on the back of falling oil prices and concerns about the depth of the financial and economic woes in Europe and the US, contributing to the worst-ever day of trading for Russian shares on Monday.
With market confidence draining away across the global financial system, there is increasing talk that the world's leading central banks will announce coordinated rate reductions this week.
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