LONDON - A cut in the UK's ratings outlook from agency Standard & Poor's weighed on Britain's top share index, with weakness in heavyweight oils, miners and banks contributing to a 2.75 percent slide by the close. The FTSE 100 index ended 122.94 points lower at 4,345.47, its biggest daily fall since March 27, having closed 13.84 points lower on Wednesday.

@MARKET ROUNDUP:EUROFIRST

EUROPE - European shares dropped, weighed by banks, commodities and a ratings agency cut in the UK's economic outlook, while signs of further US job weakness and a disappointing Fed survey added to the gloom. The pan-European FTSEurofirst 300 index of top shares closed down 2.1 percent at 857.52 points, breaking a five-day winning run.

@MARKET ROUNDUP:EUROPEAN MARKETS

FRANKFURT - The DAX index ended at 4,900.67 points, down 138.27 or 2.74 percent.

PARIS - The CAC-40 index closed at 3,217.41 points, down 85.96 or 2.60 percent.

ZURICH - The Swiss markets were closed for the Ascension Day Holiday. On Wednesday, the Swiss market index closed at 5,509.27 points.

MILAN - The All Share Mibtel index closed at 15,708 points, down 427 or 2.65 percent.

@MARKET ROUNDUP:NIKKEI

TOKYO - Japan's Nikkei average fell 0.86 percent, dented by Honda Motor Co and other exporters as the yen climbed to a two-month high on the dollar and after the Federal Reserve cut its outlook for the US economy. In light trade, the benchmark Nikkei slipped 80.49 points to 9,264.15, after a two-day rally.

@MARKET ROUNDUP:HANG SENG

HONG KONG - Shares gave up 1.58 percent, falling for a second straight day in shrinking turnover as confidence about a global economic recovery waned while weak first-quarter performance hit shares in Melco International. The Hang Seng Index was down 276.35 points at 17,199.49.

@MARKET ROUNDUP:ASX

SYDNEY - Stocks fell 0.28 percent, with bank stocks leading, after the Federal Reserve cut US economic growth forecasts and stoked concerns that markets had run too far ahead of economic reality. The S&P/ASX 200 index fell 10.7 points to 3,813.9.

@MARKET ROUNDUP:SOUTH AFRICA

JOHANNESBURG - Stocks faltered, weighed down by risk aversion after Standard & Poor's warned it could downgrade Britain's credit rating and the US Fed cut its economic outlook.