LONDON (AP) - The latest on the turmoil global financial markets (all times local):

LONDON (AP) The latest on the turmoil global financial markets (all times local):

9:15 a.m.

Stock markets in Europe have opened sharply lower, dashing any hopes that the modest rally in the previous session marked a turning point.

Following hot on the heels of broad-based declines in Asia, the Stoxx 600 index of European shares was down 3.7 percent at 303.7. Among the major indexes in Europe, France's CAC-40 is 3.2 percent lower while Germany's DAX is down 2.8 percent.

One of the biggest index fallers is Italy's FTSE MIB, which is trading 3.8 percent lower concerns over Italy have mounted in recent days largely as a result of the scale of bad loans in the country's banks.

Mike van Dulken, head of research at Accendo Markets, says the weakness in the markets stems from U.S. Federal Reserve Chair Janet Yellen "warning on current financial market turbulence and suggesting further rate hikes could be delayed, which added to already raised anxiety about the health of the global economy to hold back risk sentiment."