The Amsterdam stock exchange’s blue chip index closed down 7.68% on Wednesday at 285.66 points, as interest rate cuts failed to reverse the negative spiral.

The AEX fell by as much as 8% to well under 300 points in early trading. Share prices recovered somewhat in the afternoon after the European central bank said it would cut key interest rates, reaching an intra-day high of 308, before falling away again.
Evert Waterlander, head of investment strategy at ABN Amro told the Telegraaf that institutional investors were behind the fall. ‘Our customers are remaining calm,’ he told the paper. ‘This has happened to them before, even though it is, of course, worrying.’
The start of trading was delayed by 15 minutes because shares in Fortis remained suspended despite reports on Tuesday afternoon that trading in the troubled financial services group would be resumed.
Trading in Fortis was suspended on Monday after most of the group was either taken over or nationalised.