Europe feels Nasdaq aftershock

As the Nasdaq dipped below 2,000 overnight and the Nikkei 225 fell to a 16-year low, European bourses felt the hangover this morning.

The FTSE TechMark was down three per cent, while the Neuer Markt 50 was down 3.35 per cent. Colt Telecom was initially down over eight per cent. Logica was down four per cent, while Sage was down 4.45 per cent. Only a year ago, Nasdaq was above 5,000, but the corporate cull is marching on relentlessly; notably, Cisco was off 8.79 per cent. Ericsson is now the latest victim - the Swedish firm has said that economic uncertainty is forcing its customers to postpone investments in telecoms equipment.