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Markets mixed in volatile trade Markets mixed in volatile trade
(20 minutes later)
World stock markets have been volatile in Tuesday trading as investors continued to worry over the strength of financial institutions.World stock markets have been volatile in Tuesday trading as investors continued to worry over the strength of financial institutions.
London's FTSE 100 index rallied despite banking shares taking a hammering. Royal Bank of Scotland - which lost 40% at one point - was down 33%. London's FTSE 100 index rallied despite banking shares taking a hammering - HBOS and Royal Bank of Scotland both losing more than 30%.
Having shed 7.8% in the previous session, the key London index was up 1.1%. France's Cac 40 index added 1.6%. Having shed 7.8% in the previous session, the key London index was up 0.9%. France's Cac 40 index added 0.7%.
In choppy trading the Dow Jones index added 0.3%. The Nasdaq gained 0.2%. In choppy trading the Dow Jones index fell 0.3%. The Nasdaq lost 0.8%.
Earlier, Asian markets had been mixed as traders reacted to the turmoil.Earlier, Asian markets had been mixed as traders reacted to the turmoil.
Japan's Nikkei 225 index sank more than 5% - below the 10,000-point barrier - before recovering slightly to close down 3%.Japan's Nikkei 225 index sank more than 5% - below the 10,000-point barrier - before recovering slightly to close down 3%.
However, Australia's financial markets rallied after the country's central bank cut its official interest rate from 7% to 6%.However, Australia's financial markets rallied after the country's central bank cut its official interest rate from 7% to 6%.
'Recession arrived''Recession arrived'
A shortage of capital is a big issue for banks...but the really big issue is the breakdown of wholesale markets Robert PestonBBC business editor Read Robert's blog in fullA shortage of capital is a big issue for banks...but the really big issue is the breakdown of wholesale markets Robert PestonBBC business editor Read Robert's blog in full
The market moves came amid developments including:
  • Netherlands trebled the amount of savers' deposits it will protect to 100,000 euros (£77,700; $136,776)
  • European Union finance ministers agreed to increase the guarantee for customers' bank savings accounts to at least 50,000 eurosEU moves to reassure bank savers
  • Taiwan said that it would fully protect depositors' savings should a bank fail
  • The US Federal Reserve announced plans to buy massive amounts of short-term debt from companies in an effort to unfreeze the money markets
  • The Icelandic government took control of the country's second biggest bank, Landsbanki, which owns UK internet bank IcesaveIceland takes over Landsbanki
  • The British Chamber of Commerce said that the UK was already in recession UK economy 'already in recession'
  • The BBC's business editor Robert Peston learned that a trio of leading UK banks had met with Chancellor Alistair Darling and told him they were disappointed he had not presented a fully elaborated banking rescue planRead Robert's blog
  • Australia's central bank trimmed interest rates from 7% to 6% - despite inflation being well ahead of government targets Australia slashes interest rates
  • Moscow's two main stock exchanges opened several hours late on Tuesday having had suffered heavy losses on Monday.Falls halt Russian market trading
The market moves came amid developments including:
  • Netherlands trebled the amount of savers' deposits it will protect to 100,000 euros (£77,700; $136,776)
  • European Union finance ministers agreed to increase the guarantee for customers' bank savings accounts to at least 50,000 eurosEU moves to reassure bank savers
  • Taiwan said that it would fully protect depositors' savings should a bank fail
  • The US Federal Reserve announced plans to buy massive amounts of short-term debt from companies in an effort to unfreeze the money markets
  • The Icelandic government took control of the country's second biggest bank, Landsbanki, which owns UK internet bank IcesaveIceland takes over Landsbanki
  • The British Chamber of Commerce said that the UK was already in recession UK economy 'already in recession'
  • The BBC's business editor Robert Peston learned that a trio of leading UK banks had met with Chancellor Alistair Darling and told him they were disappointed he had not presented a fully elaborated banking rescue planRead Robert's blog
  • Australia's central bank trimmed interest rates from 7% to 6% - despite inflation being well ahead of government targets Australia slashes interest rates
  • Moscow's two main stock exchanges opened several hours late on Tuesday having had suffered heavy losses on Monday.Falls halt Russian market trading
In a volatile day in London, the FTSE 100 index was up 52 points at 4,641 by mid-afternoon. In a volatile day in London, the FTSE 100 index was up 38 points at 4,627 in late afternoon trading.
Its 391-point drop on Monday had already wiped £93bn from the value of London's leading shares.Its 391-point drop on Monday had already wiped £93bn from the value of London's leading shares.
France's Cac-40 index, which lost more than 9% in the previous session, surrendered some of its early gains, but was 61 points ahead at 3,773, while Germany's Dax index added 0.7% to 5,422 points. France's Cac-40 index, which lost more than 9% in the previous session, surrendered some of its early gains, but was 25 points ahead at 3,737, while Germany's Dax index added 0.1% to 5,389 points.
On Wall Street, the Dow Jones , which had lost 370 points on Monday, was 30 points up at 9,989. On Wall Street, the Dow Jones index, which had lost 370 points on Monday, shed a further 30 points to 9,921.
Earlier, Japan's Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng index finished 5% lower.Earlier, Japan's Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng index finished 5% lower.
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