LONDON - Britain's top shares slid 1.3 percent as Marks & Spencer suffered its biggest ever fall after its worst quarterly performance in two years and as fears of a US recession gripped global equities. The FTSE 100 closed at 6,272.7 points, down 83.8 or 1.32 percent.

@MARKET ROUNDUP:EUROFIRST

EUROPE - European equities dropped to their lowest close in one-and-a-half months as worries over the prospect of a US recession rattled investors and retail shares sank after Mark and Spencer's profit warning.

Oil major BP plc. sank 3.6 percent after analysts warned that fourth-quarter 2007 earnings may be lower than expected, but BP denied it had guided analysts lower.

The FTSEurofirst 300 index of top European shares closed 1.2 percent lower at 1,449.06 points. The index has already lost 3.8 percent in 2008, retreating in four of the six first sessions of the year.

@MARKET ROUNDUP:EUROmarkets

FRANKFURT - The DAX index ended at 7,782.71 points, down 67.28 or 0.86 percent.

PARIS - The CAC-40 index closed at 5,435.42 points, down 60.25 or 1.10 percent.

ZURICH - The Swiss market index closed at 8,339.81 points, up 23.42 or 0.28 percent.

MILAN - The All Share Mibtel index closed at 28,123 points, down 330 or 1.16 percent.

@MARKET ROUNDUP:nikkei

TOKYO - The Nikkei rode a wave of bargain-hunting to its second positive close in a row after earlier hitting an 18-month low, helped by a report the US government is considering new economic steps.

The Nikkei gained 70.49 points or 0.49 percent to 14,599.16, its second positive close in two days, after ranging nearly 400 points during the session.

@MARKET ROUNDUP:hang seng

HONG KONG - Hong Kong stocks reversed earlier losses to gain sharply, with China shares marking their best performance in six weeks as mainland resource plays surged on record gold prices.

The Hang Seng Index closed up 1.9 percent, or 502.95 points, at 27,615.85.

@MARKET ROUNDUP:asx

SYDNEY - Australian shares fell 0.7 percent, falling for a third day in a row, as fresh signs the US economy may be headed for recession sparked worries about domestic consumer spending.

The S&P/ASX 200 index closed down 40.4 points to 6,087.7.

@MARKET ROUNDUP:south africa

JOHANNESBURG - South African stocks slumped as investors grew increasingly apprehensive about the chances of a recession in the US economy, while a firmer rand helped hasten an exodus from local equities.

The All-share index closed at 28,400.78 points, down 536.65 or 1.85 percent.

The All Gold index closed at 2,687.01 points, up 19.64 or 0.74 percent, while the Industrial index closed at 19,929.71 points, down 489.01 or 2.39 percent.