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Double-dip fears grow

INDICATIONS that global economic recovery is losing steam is supporting analysts' predictions that a double-dip recession is on the cards.

Downbeat data from the US, China and Britain has triggered a wide sell-off in overseas markets.

Most disappointing was the drop in pending home sales in the US as more Americans than anticipated applied for jobless benefits last week.

US markets closed down for the sixth session in a row and London markets hit a 10-month low.

The Dublin stock market closed down almost 3pc following steep falls for the banks, plummeting by 82 points to 2,797.