Europe is down heavily in early trading. London -5%. Paris -4.5%. Frankfurt -6%. "The panic...

|By:, SA News Editor

Europe is down heavily in early trading. London -5%. Paris -4.5%. Frankfurt -6%. "The panic levels are now quite unseen," analyst Christian Gattiker says. Earnings for companies in Europe's Stoxx 600 will decline 4.4% in 2008, down from 11% growth predicted at the start of the year.