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Slide in European markets continues

LONDON, Jan. 23 (UPI) -- European markets fell overseas Wednesday as world finance leaders met in Switzerland and U.S. markets lost more ground.

U.S. stock indexes have fallen 20 percent from their peak in Oct. 2007, signifying a move from a bull to a bear market. The Federal Reserve cut key interest rates Tuesday in an effort to hold back the tide of global market declines and speculation among investors is that they will cut rates again as early as next week.

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Britain's FTSE 100 dropped 1.4 percent to 5,659.40, while the CAC-40 Index in France fell 1.8 percent to 4,54.62.

In Germany, the DAX index also lost ground, slipping 2.5 percent to 6,6600.53.

In Davos, Switzerland, 2,500 financial leaders have convened at the World Economic Forum with global turmoil in market conditions inserted into the agenda.

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