The peak-to-trough fall in US and European stock markets, which accelerated last week in reaction to the attacks on the World Trade Center in New York, has now become the worst since the world oil crisis sent markets reeling in 1973.

In the US, the S&P 500 is trading 37.9% below its peak 18 months ago, while the FTSE 100 is down over 36% from its all-time high at the end of 1999. After savage falls last week, markets in continental Europe have been the worst hit. The poorest performing index is Sweden, whose OMX index has crashed by 57.8% in just 18 months. Germany's DAX has slumped 53.2% from its record high in March 2000. Italy and Spain have both more than halved and the CAC40 in France has fallen 47% in just a year.