Global shares have fallen sharply as concerns continue about the impact of financial austerity measures in Greece, Portugal and Spain. Amid fears the crisis may hit the European-wide economy, the UK's main FTSE 100 index ended down 3.1 per cent. Spain was worse hit – its shares lost 6.6 per cent. France's Cac fell 4.6 per cent and Germany's Dax 3 per cent. US share markets fared less badly, with the Dow Jones ending a choppy session down a relatively modest 1.5 per cent at 10,620.2 points. Gold hit new record highs near $1,250 an ounce and the dollar rose against the euro.