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Around the World's Markets: NEW YORK

US STOCKS were off in late-morning trading, with Wall Street expecting key indices to retest their lows from earlier in the week. "It's pretty clear that the relief rally is over," said Tony Dwyer, chief market strategist at Ladenburg Thalmann.

At 4.30pm BST, the Dow was off 97 points at 7,686. Earlier, it shed 151, but regained some losss in volatile trading. Banks and companies tied to emerging markets' profits headed the fall as shares plunged around the world.