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European stocks sank as concern deepened a global credit crunch will sap earnings and erode economic growth.Deutsche Bank AG, Germany's largest bank,and BNP Paribas SA of France paced declines.BHP Billiton Ltd.and Rio Tinto Group led mining shares lower as metals prices fell."Don't jump in now,''said Andy Lynch,who helps oversee about $11 billion at Schroder Investment Management in London."Keep your powder dry.Things will probably get cheaper.''The Dow Jones Stoxx 600 Index lost 3 percent to 354.40 at 3:51 p.m. in London as all 18 industry groups dropped.The Stoxx 50 retreated 2.6%,and the Euro Stoxx 50,a measure for the euro region,slid 2.2%.The Stoxx 600 has declined 11% since reaching a 6 1/2-year high on June 1. The last time the measure dropped more than 10% in a so-called correction was in May and June of 2006,when expectations of higher interest rates rattled investor confidence.National indexes sank in all of the 18 western European markets.The U.K.'s FTSE 100 lost 3.3%.France's CAC 40 slid 2.7% and Germany's DAX fell 1.8%.Asian stocks had their biggest two-day drop in a year and U.S. stocks fell.Emerging-market shares and currencies also slid.The Turkish lira declined to a five-month low per dollar,and South Africa's rand also retreated against the U.S. currency.The yen rose to its highest since 2006 against the dollar and its highest since March against the euro as the slump in stocks and credit-market turmoil prompted traders to slash so- called carry trades, funded by loans in the Japanese currency...
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