Markets in Europe were down significantly at 7.20 AM

The FTSE fell 4.9% to 5,613. BHP Billiton (BHP) was off 7.5% to 1275. BT (BT) was off 5% to 262.

The DAXX dropped 6.5% to 6,839. Deutsche Bank (DB) was off 7.1% to 72.82. Siemens (SI) was down 7.4% to 85.24. SAP (SAP) was down 8.3% to 30.9.

The CAC 40 was selling off 6.3% to 4,773. AXA (AXA) is off 9.4% to 22.29. BNP Paribas is down 8.5% to 63.52.

Data from Reuters.

Douglas A. McIntyre