Stock markets tumble on Fed fears Global stock markets tumbled, with the FTSE 100 suffering its worst one-day fall in seven months, as fears grew that the US Federal Reserve could bring its economic stimulus programme to an early end. The minutes of January's meeting of the Federal Open Market Committee, released late on Wednesday, indicated that the central bank may slow the pace of its asset purchases or even stop them before US employment starts to revive. Stimulus from the Fed has lent support to equity markets around the world. Disappointing economic data from Europe added to the nervousness on financial markets. A purchasing managers" index of eurozone services and manufacturing fell to 47.3 this month, from 48.6 in January. A reading below 50 signals a contraction. As a result, investor fears over the outlook for the wider economy saw the FTSE 100 index fall from a five-year high and drop 1.6pc to close at 6,291.54, the biggest one-day decline since last July. Stock markets in Europe also fell, with Germany's Dax down 1.9pc and the Cac 40 in France closing 2.3pc lower. Meanwhile, America's Dow Jones Industrial Average also lost 0.5pc. "The markets have come crashing down after [Wednesday's] less-than-rosy comments from the Fed," said Alastair McCaig, a market analyst at IG. The weak European data saw the euro slide to a six-week low against the dollar.