Washington - US stock indices posted steep drops Friday, plunging more than 3.5 per cent to end another week of uncertainty over the state of the global economy.

The sell-off in New York followed even sharper falls in Europe, Asia and the Middle East earlier in the day on fears of a recession following the widening financial crisis.

Paris - After falling to a five-year low, the Paris Bourse rebounded on Friday to limit its losses amidst anxiety about corporate earnings and OPEC's announcement that it will cut oil production by 1.5 million barrels per day.

The benchmark CAC 40 ended the session off by 3.54 per cent, at 3,193.79, after plunging more than 10 per cent earlier in the day to its lowest level since May 2003.

Car maker Renault was the day's biggest loser, giving up 12.55 per cent, to 22.20 euros, its lowest level in 10 years.

Tokyo - Defying an overnight rise on Wall Street, Asian stocks, led by Tokyo and Seoul, plummeted Friday on renewed fears of worldwide recession.

Japan's benchmark Nikkei 225 Stock Average lost nearly 10 per cent of its value, tumbling below 8,000 for the first time since May
2003, on indications the global financial crisis was beginning to hit the nation's exporters.

The Nikkei shed 811.9 points, or 9.6 per cent, to close at 7,649.08.

The broader Topix index of all first-section issues plunged 65.59 points, or 7.52 per cent, to 806.11.

Singapore - Investors shed their shares Friday from the opening bell at the Singapore Exchange for fears of the global downturn's impact on corporate performances and the fate of developing economies.

The Straits Times Index crashed to 1591.48 points towards the closing bell but made a slight flip to close at 1600.28, down by a huge 145.39, or 8.33 per cent.

The STI has lost 278 points this week, having settled at 1878.51 at last Friday's close. The Singapore Exchange ended the day with 513 counters suffering losses and just 90 gainers. Trading volume totaled 1,208.5 million shares.

Bangkok - Thai share values plunged 6.96 per cent in value on Friday as panic selling seized the region, analysts said.

The Stock Exchange of Thailand (SET) index ended at 432.87, down 32.37 points or 6.96 per cent.

"There was panic selling in tune with the trend in other Asian markets," said Phuwadol Larpudomsuk, an analyst at Asia Plus Securities.

Thailand's uncertain political scene also played a role. Another confrontation between anti-government protestors and anti-anti-government protestors is expected over the weekend.

Frankfurt - Global shares are ending the week on a grim note, with a new wave of selling hitting European stocks Friday as concerns grew about the outlook for corporate profits.

Picking up on steep falls on Asian markets and volatile trading on Wall Street, Europe's blue-chip Stoxx 50 plunged more than 6 per cent in early trading Friday with a steady stream of weak third-quarter earnings reports fuelling worries about a looming recession.