Global shares dropped today amid concerns about European Central Bank moves to withdraw market funds and worries about the world economic outlook, dpa reported. Stocks on Wall Street opened down more than 2 per cent with European shares having lost about 3 per cent in the runup to this week's repayment of 442 billion euro (539.4 billion dollars) which the ECB lent to more than 1,100 institutions a year ago. The fragile investor mood took another hit in the wake of a key survey showing a plunge in US consumer confidence. The share sell off in the US and Europe came in the wake of a dramatic drop in stocks across Asia with concerns also emerging about the growth outlook for China's giant economy. The worries also undercut the euro, which slumped by 1 per cent to 1.2160 dollars in late afternoon trading. As the European trading day drew to an end, the region's Eurostoxx 600 index was down 2.63 per cent at 244.78. However, several national share markets have run up even bigger losses with European bank shares leading the falls. By late afternoon, Europe's premier stock market in London had fallen by 3 per cent with Frankfurt's DAX index and Paris CAC 40 dropped by about 3.6 per cent. Shares in Madrid fell more than 4 per cent. The latest selling wave comes after a tough six months for global investors amid fears that Europe's debt crisis could derail the world economy's recovery from what has been the steepest recession in a generation. Underscoring worries about the global economy, the price of oil slumped 3.5 per cent to 75.54 dollars. The Eurostoxx 600 index is now more than 3 per cent down on the year with stock markets pulling back from the gains posted late in 2009 as investors grew confident about the prospects for the world economy.
