World stocks hit four-year low at European open

Stocks around the world plunged on Wednesday, with the benchmark world equity index hitting 4-year lows as recession concerns and a lack of globally coordinated action to stem the credit crisis hit investor morale. MSCI world equity index was down 2.4 percent at a fresh four-year low, bringing its loss this month to more than 14 percent. The index was driven lower by sharp losses in Asia and Europe.

MSCI emerging stock index fell an even steeper 6.5 percent to a three-year low, losing more than 21 percent in October.