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of the turmoil on wall street has been triggered by fears over the european debt crisis and the anemic economies. and richard quest, one of the best people to turn to when we want perspective on the global economy. he joins us from london. what happened in the european markets today? >> reporter: the europeans went down initially and then down further and they rallied with wall street. we closed down 1% in london, and paris 1%, and frankfurt, once again the german market is being creamed by what is happening at the moment, by far and away being breutally attacked. and the german indu...

with the usual. what is going on, ali? >> look, we started off the day this morning with a rough night in asia. european markets on news that, you know, the german economy, the strongest in europe has weakened to almost a stall, the french economy, absolutely no growth in the quarter. that took u.s. markets downright off the top. but before that, more than 12 hours ago, we got a report from morgan stanley to say what we've all been saying, global economies are slowing down, that they were on the -- we're dangerously close to a recession, we may need more intervention in europe from t...

four hours or so. morgan stanley come out with a global note cutting its global growth forecast and saying the u.s., the world is dangerously close to recession quite frankly and naming a couple of different reasons why they think that global growth will not be as strong as they thought. among them, europe's debt problems and also mentioning what they call policy mistakes in the u.s. and also the drama about the debt ceiling. they say, overall, consumer confidence, business confidence, almost this negative feedback loop we are on the verge of people being so worried and not able to b...

and toothpicks, and then some people saying i don't want to try the cake because my mouth will get hurt. that's what is going on. >> this is something that we have been seeing over the last few weeks. is this really any different than the turmoil we have been witnessing? >> i think ali is spot on. you think back to just before the huge selloff and volatility last week, we had our own numbers that showed we had almost no growth. we have a new manufacturing number today, a regional manufacturing number that really hit investors hard. some analysts say it's a reliable number because it'...

and in part because of the president's travels to the midwest and in part because of the new energy that texas governor rick perry is adding to the republican race. wednesday governor perry visited new hampshire, and while it's clear he's the flavor of the moment in presidential politics, the more he speaks, the more people, including many republicans, ask this question -- by so aggressively appealing to the republican base, is governor perry undermining his appeal as a general election candidate? this comment in new hampshire questioning man's role in global warming is new fodder to...