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Justin Urquhart-Stewart, marketing director at London-based Seven Investment Management, said the world now faces a "perfect storm" with a banking system in crisis and a dramatically slowing global economy.
More than 400 points were wiped off the FTSE 100 Index in early trading - taking it below 4,000 points for the first time in five years.
It has since recovered slightly to around a 6.5% fall.