Global Markets "Have More Angst to Digest"; $250B Bank Rescue Insufficient

London, England - As evidence mounts against global bank rescue efforts, financial markets are showing signs of turmoil in anticipation of a worldwide recession in the wake of the credit crisis.

Tokyo's Nikkei 225 average declined approximately1000 points on Thursday setting up a lower open for markets in Europe on Friday, say published reports.

John Vail, chief global strategist at Nikko Asset Management told Financial Times, The global economy is teetering on the edge of recession."

Vail added, "We thought the market had greatly priced in a global economic recession by the end of last week but it clearly has had more fear to digest."

Among the catalysts for the downturn in global financial markets is bad economic news across the board among major world economies. Investors worry that emerging markets could be more vulnerable to the global slowdown than previously thought.

"The market has considered the $250bn plan to be insufficient, and that's why stocks are being sold off," Japanese prime minister Taro Aso was quoted as saying by the Financial Times. "The market is saying it's not enough."

Looking at economic data from U.K., jobless claims added 0.50% to a sizable 5.7% for the quarter leading up to August in comparison to the earlier quarter. That is the biggest incline in the unemployment rate since 1991, reports Financial Times.

Analysts, however, expect that figure to further climb closer to 7% by next year. The increase in unemployment is slated to be a reflection of deterioration among major corporations.

In other economic data, growth proved to be sluggish measure by indicators that revealed weakening demand for goods and services. Among those indicators, the Reuters-Jeffries CRB index - a measure for commodity prices - hit a new 22-month rock bottom of 289.34. That figure is lower by 40% from a record high in July.