Global markets plunge on fed worries

Renewed worries about rising interest rates sent global markets tumbling, with the Japanese index plunging more than 4 percent in its biggest one-day loss in two years. European stocks followed, with mining and technology shares leading the declines. Concerns over increasing inflation, higher interest rates and slowing growth have been rattling world markets. Investors have been dumping stocks on worries that the U.S. Federal Reserve might raise interest rates again.

London's FTSE 100 index dropped 2.1 percent, the German DAX Xetra 30 index fell 1.8 percent and the French CAC-40 index slipped 2.2 percent. South Korean shares dropped 2.9 percent, while Hong Kong plunged 2.5 percent. In Bombay, Indian shares plummeted 4.5 percent to their lowest point this year.

In Tokyo, the Nikkei 225 index fell 614.41 points, or 4.14 percent, to finish at 14,218.60 points, the lowest close since Nov. 16, 2005. It was the biggest percentage loss in a day since May 10, 2004, and the biggest point drop since Sept. 12, 2001, after the terrorist attacks in the U.S.

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