Germany’s DAX index is heading for a bear market after tumbling 3.8 percent today.

The index has lost all of its gains for the year and entered negative territory. The Dax has fallen for the seventh consecutive day, with its biggest one day decline since 2007.

The Stoxx Europe 600 Index dropped, moving into its worst week in four years. Thirteen out of 18 western-European markets have fallen 10 percent or more from their high, and the volume of Stoxx 600 shares changing hands almost double the 30-day average on Monday.

£44 billion was wiped off the FTSE 100 this morning as share prices fell across the board.