European stock prices are sharply lower in midday trading Thursday.

London's Financial Times index and the CAC-40 in Paris are both down five percent, while the DAX index in Frankfurt is down more than four and one-quarter percent.

In New York, the S&P futures contract is down 27 points, indicating a lower opening.

Tokyo's Nikkei index index lost just over two percent (181 points)) to finish at 8,560.

Hong Kong's Hang Seng index plunged nearly five percent to finish the day's trading at 17,912.

Gold is trading at $1,752.55 an ounce.

The dollar is trading higher against other major currencies.