AFP - Fears grew Wednesday that the financial crisis will mutate into a worldwide recession with leaders calling for new global action to counter the economic slowdown.

AP - European and Asian markets mostly fell back Wednesday following a strong two-day rally amid concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep recession.

Reuters - European leaders will push on Wednesday for an overhaul of global financial structures after Asia joined western bastions of capitalism in bailing out banks to avert financial meltdown and tackle looming recession.

AFP - Shares in London slumped on Wednesday, with the FTSE 100 shedding almost three percent as a rally lost momentum amid growing fears of recession.

AFP - Leading European stock markets plunged 6.0-7.0 percent at the close of trade Wednesday on mounting fears of recession in Europe and the United States.

AFP - The FTSE 100 index of shares closed down steeply Wednesday as weak economic data reignited fears of a world recession and dampened the mood of optimism which had prevailed earlier in the week.

AP - The world's top economies should hold a global summit this year on reforming the world's financial system, British and French leaders declared Wednesday.

Reuters - Federal Reserve Chairman Ben Bernanke warned on Wednesday that credit market turmoil posed a "significant threat" to an already slowing American economy as new data deepened recession fears, sending stocks tumbling.

AP - While the world's economic giants may have averted financial collapse through rescue plans and huge infusions of cash, some smaller countries like Ukraine seem to have stumbled with little help on the horizon.

AP - The world's poorest people will be hungrier, sicker and have fewer jobs as a result of the global financial crisis, and cash-strapped aid agencies will be less able to help, aid groups are warning.