TORONTO - Global stock markets are falling hard in panicky trading - down 9.6 per cent in Tokyo, 8.3 per cent in Hong Kong, 7.5 per cent in London and 8.1 per cent in Frankfurt.

Dow Jones industrial average futures are down 550 points, the maximum allowed price drop, freezing selling below that level until the market opens at 9:30 a.m. ET.

The Dow had risen 172 points Thursday as traders looked for bargains after two days of steep declines. Standard & Poor's 500 index futures and Nasdaq index futures were also down the limit this morning as fears of global hard times intensify