Australian shares drop

Australian shares dropped 2.4 percent on Thursday, marking the biggest one-day percentage fall in five weeks, as Europe's escalating debt crisis hit global shares, although a surge in China's imports helped the market off its lows. China's imports from resource-rich Australia grew 36.7 percent in October, versus September's 33.4 percent, data showed.
Top banks and miners still slumped as Europe faces the prospect of recession after a spike in Italy's bond yields fuelled expectations it won't meet debt obligations alone. Any debt bailout in Italy, the eurozone's third-largest economy, could push the region into a recession. The benchmark S&P/ASX 200 index fell 102 points to 4,244.1, according to the latest data. The index rose 1.2 percent on Wednesday. New Zealand's benchmark NZX 50 index dropped 1 percent to 3,318.9.