Stocks in Europe had their worst annual falls in more than 20 years in 2008, while in Asia some markets ended the year on Tuesday by notching up their worst performance since records began.

Germany’s Xetra Dax fell 40.3 per cent, its worst annual performance in its 20-year history and the CAC 40 in Paris was down 42.1 per cent. The FTSE Eurofirst 300 fell 44.7 per cent, its worst year since the index was constituted in 1986.