The week the financial crisis became the Great Crash of 2008
Panic swept global markets this week, raising the spectre of an imminent economic collapse and unleashing a stock market crash that has only a handful of historical comparisons.
The Hang Seng Index plunged 16.32 per cent on the week and approached a three-year low, closing at 14,796.87. The local market lost HK$2 trillion in value.
US and European markets suffered similar losses. In four days, the Dow Jones Industrial Average fell 16.91 per cent as it crashed through the 9,000 level for the first time since 2003. Japan's Nikkei index had its worst week ever, dropping 24.33 per cent.
The Indonesian market lost so much it shut midday on Wednesday and remains closed. The Shanghai Composite Index slid 12.78 per cent.
'I don't see any near-term catalysts for a recovery,' said Clive McDonnell, head of equity strategy at French bank BNP Paribas. 'The market will not focus at all on [valuations] at the moment.'
Investors drew parallels with past stock market crashes.