World economy in 'major downturn'

October 08, 2008 Stock markets around the world slumped further Wednesday, with the U.S. doing better than most countries, as global recession fears took center stage. Downbeat economic forecasts from the International Monetary Fund left stocks down despite a 50 basis points interest rate cut coordinated between the U.S. Federal Reserve and European central banks. Some big-name media and entertainment stocks continued their recent slumps and hit 52-week lows Wednesday, including India's AdLabs Films, which declined 9.8%; India's Eros International, listed in London, which lost another 3.7% of its value; and German pay TV giant Premiere AG, whose stock fell 4.1%.

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