DUBAI/LONDON, 22 January 2008 — Global stock markets plunged yesterday, with Tokyo tumbling to its lowest level in more than two years as US President George W. Bush’s tax plan to revive the world’s largest economy disappointed investors. After heavy losses in Asian trade, it was the turn of the European markets to suffer, with the main bourses posting losses of between three and five percent by midday as investors headed for the exits, dealers said. They said that after high hopes that Bush would announce strong measures to prevent the US economy going into recession, the markets did not find enough to offset all the bad news coming through on the banks and the collapse of the US housing market.

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