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World Stocks Tumble

Shares on the big indices drop around 2%, while selling is more intense in smaller markets.

Stocks dropped sharply in Asia and sold off in Europe as well as the U.S. credit crunch continues to worry investors.

Japan's Nikkei dropped 2% and Hong Kong's Hang Seng gave up 3.3%, and those were some of the smaller drops. Stocks dropped 6.9% in Seoul, 5.9% in Jakarta, 4.6% in Taipei and 4.3% in Mumbai. Even China's highflying Shanghai Composite joined in the selling, sliding 2.1%.

Markets were in the red across Europe as well, with shares in London, Paris and Frankfurt all off 2.3% to 2.7%.

The declines come a day after the

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staged a late-day swoon to end down more than 1% in its fifth straight decline. Among the biggest U.S. declines Wednesday was



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