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FTSE falls further mid-afternoon

MID-AFTERNOON REPORT: The FTSE 100 slid further this afternoon as Wall Street opened down, and the continuing uncertainty on the financial markets, coupled with falls in the banking sector all lead to further negative moves.


At 3pm this afternoon, the FTSE 100 stood down a massive 302.85 points at 4677.40.

Over in the US, the DOW was down 309.59 points at 10,015.79, as investors faced up to the fear of recession.



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.

Story supplied by MoneyAM

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