US concerns prompt market falls

Global shares have fallen with analysts blaming mounting concerns about the health of the US economy and its impact on the rest of the world.

A sell-off in Asia hit Hong Kong's Hang Seng index which fell 4%, while Japan's Nikkei index lost 2% and Chinese shares fell by 3%. London's FTSE 100 lost 1%.

There are concerns about slowing growth denting company earnings.

Meanwhile, US attempts to bail out its two largest mortgage lenders have left investors even more anxious.

The government-backed rescue of Freddie Mac and Fanny Mae - in the aftermath of the collapse of another lender IndyMac - had initially been well received but analysts say optimism appears to have faded.