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Markets slide in volatile trade Markets mixed in volatile trade
(20 minutes later)
European and Asian stock markets have fallen again on Tuesday with investors continuing to worry over the strength of financial institutions. European and Asian stock markets were mixed on Tuesday with investors continuing to worry over the strength of financial institutions.
London's FTSE 100 surrendered early gains as banking shares took a hammering - with Royal Bank of Scotland (RBS) losing 30% and HBOS down 16%. London's FTSE 100 surrendered early gains as banking shares took a hammering - with Royal Bank of Scotland (RBS) losing 32% and HBOS down 16%.
Having shed 7.8% in the previous session, the key London index was down 1.5%. France's Cac-40 index lost 0.4%. Having shed 7.8% in the previous session, the key London index was down 0.3%. France's Cac-40 index added 1.1%.
Asian markets were also mixed as traders reacted to the turmoil.Asian markets were also 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%.
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'
Current rough estimates are that the capital injection could be as much as £50bn in total for all British banks Robert PestonBBC business editor Read Robert's blog in fullCurrent rough estimates are that the capital injection could be as much as £50bn in total for all British banks Robert PestonBBC business editor Read Robert's blog in full
The market moves came amid developments including:
  • 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 plan
  • 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 said they would remain closed on Tuesday morning. Both had suffered heavy losses on Monday
  • European Union finance ministers prepared to meet in Luxembourg for emergency talks on the world's financial meltdown EU finance chiefs in crisis talks
The market moves came amid developments including:
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  • 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 plan
  • 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 said they would remain closed on Tuesday morning. Both had suffered heavy losses on Monday
  • European Union finance ministers prepared to meet in Luxembourg for emergency talks on the world's financial meltdown EU finance chiefs in crisis talks
In London, the FTSE 100 index was down 60 points at 4,529 after its early gains evaporated. In London, the FTSE 100 index was down 13 points at 4,576 after its early gains evaporated.
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, also surrendered early gains, falling a further 40 points to 3,698 while Germany's Dax index lost 0.8% to 5,346. France's Cac-40 index, which lost more than 9% in the previous session, surrendered some of its early gains, but was 40 points ahead by mid-morning at 3,752 while Germany's Dax index lost 0.4% to 5,364.
The Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng ended 5% lower in afternoon trading.The Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng ended 5% lower in afternoon trading.
On Wall Street on Monday, the Dow Jones recovered from being more than 800 points down at one point to end 370 points lower at 9,955.5 points - its first sub-10,000 finish since 2004.On Wall Street on Monday, the Dow Jones recovered from being more than 800 points down at one point to end 370 points lower at 9,955.5 points - its first sub-10,000 finish since 2004.
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