Leading shares plummet
At close the FTSE finished down 363.01 points at 4617.24.
Unsurprisingly, banks were hit hard, as fears of a global recession sucked all confidence out of the market.
Sterling saw a 2 and a half year low against the dollar today as worries about funding problems with European banks weighed heavily.
Barclays finished down over 14% down 54p at 314p, and RBS fared no better with a drop of 20% to 148.10p.
Miner saw falls as well as fears that any recession would hit the minerals market helped drive prices down. RIO was down 510p at 2888p â“ a drop of 15.01%.
Over on Wall Street in early deals, the major markets were all down, with the Dow Jones being off 30.5% from its October closing high in 2007.
EasyJet has seen an increase in passengers for September, up 22.1% at 4.2 million, however, early trade today saw its share price drop off 9.38p to 218.12p. British Airways also saw a fall of over 9%, with the market still uncertain about the outlook for airlines
NEW YORK
The Dow Jones industrial average was down 309.59 points, or 3.00 percent, at 10,015.79. The Standard & Poor's 500 Index was down 37.99 points, or 3.46 percent, at 1,061.24. The Nasdaq Composite Index was down 75.04 points, or 3.85 percent, at 1,872.35.
EUROPE and ASIA
As uncertainty continues about the state of the world financial markets, Governments continue to step in with guarantees.
Germany's finance ministry has agreed a 50bn euro ($68bn; �38.7bn) plan to save one of the country's biggest banks. The deal to save Hypo Real Estate, reached with private banks, is worth 15bn euros more than the first rescue attempt, which fell apart on Saturday.
Germany earlier announced an unlimited guarantee for all private savings
Denmark haws also stepped into the fray by guaranteeing all bank deposits in the country as part of a deal with banks.
Over in Asia, the NIKKEI fell 4.7% to a four year low, and the general turmoil in Europe saw markets in Australia, India and Hong Kong down by more than 3%. This was all in spite of the US agreeing the $700bn bail out deal for its own financial sector.
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