By Alvin Foo, Markets Correspondent

GLOBAL stocks were savaged yesterday, sending many bourses crashing to multi-year lows as investors were spooked by fears that a harsh global recession would pummel company profits.

It was one of the worst days on global markets since the collapse of US investment bank Lehman Brothers last month set off widespread panic on fears of a financial market meltdown.

Yesterday, already punch-drunk equity markets suffered more bloodletting as intensifying worries over the dreaded R-word spread like wildfire worldwide.

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