It's a turbulent time on the stock market...more than £70 billion pounds was wiped off the value of shares yesterday - the biggest fall since September 11 2001.

London's FTSE 100 index dropped more than three per cent at the open of trading today, with the main European and Asian share indexes falling sharply amid fears that a US recession will lead to a global economic slowdown.

And there's growing concern that a proposed US stimulus package, which would involve about $145bn (£76bn) in tax cuts to encourage spending, might not be enough. Many analysts are predicting indexes will remain volatile in coming weeks.

But what does all this mean for the Welsh economy? Will we have caught the USA's cold? Or is talk of a worldwide recession an exaggeration?