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London falls midmonring

MID-MORNING REPORT: Leading shares fell sharply today with weakness in banks and retail stocks after continuing falls in Asia. There is not much in the way of company announcements to kick the week off.



LONDON

In London, leading shares fell off and were down over 5% by mid morning. The FTSE 100 stood down at 4713.64 down 266.61 points a fall of 5.35% at 10.21am

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 finished the week on Friday down 157.47 points

Oil fell 2% to under $92 a barrel, having already dropped off 9 cents on Friday. Banking stocks also retreated after the falls in Asia and the continued nervousness around the market, with Barclays, RBS and Lloyds TSB all taking a hit.




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.


EasyJet has seen an increase in passengers for September, up 22.1% at 4.2 million.

Story supplied by MoneyAM

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