Points of interest:
-In New York, the Dow Jones lost 679 points or 7.3 per cent, while the Nasdaq shed 95 points or 5.5 per cent.
-The TSX composite index closed down 456 points at 9,600, a 4.5 per cent decline
-Japan Exchange fell 7 percent in early trading
-Indonesia trading canceled after the benchmark JSX index sank 10.4 percent. Authorities order market closed following a late night Cabinet meeting.
-Iceland's government has taken control of the country's largest bank as it struggles to prevent a collapse in its entire banking system. Leaders say country is on the verge of bankruptcy.
-Australian Exchange and South Korea's Index dropped a further 5 percent
-Sweden's OSMX All Share down 6.37 percent
-Hong Kong's Hang Seng gained 2.8 percent Thursday afternoon
-Iceland negotiates with Russia to secure a $5.45-billion loan.
-Russia's stock markets rebound. Leading stocks on the MICEX exchange gain 16 percent
Regular blog readers might notice something interesting here.