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FTSE 250

FTSE 100

The index, which fell 6pc at one stage, remained below the 4000 mark as
investors worried about recession and by lunchtime was trading down 126
points – or 3pc – at 3953.

Banking stocks perked up with Lloyds TSB up 3pc to 155.7pc to 65.8p and Royal Bank of
Scotland edging up 0.

Thomson owner TUI Travel was the leading blue-chip faller, down 23 to 191.5, on reports that the government may allow
banks involved in its £37bn rescue will be able to pay dividends. Speculation over such a move caused shares to rally
last week.7p,
after its German part-owner said it had no intention of taking outright
control of the group. Travis Perkins fell 36pc to
309.

While news from builders merchant Travis Perkins that sales have deteriorated
in recent weeks hit building-related firms.75p and B&Q owner Kingfisher 7pc to
109. . Sentiment across the retail sector was also weak, with Next down 7pc
to 982p.2p.

European bourse were hit after Japanese shares suffered their biggest loss in
two decades, following a close to-8pc fall in the Dow Jones Industrial Average
yesterday – its second steepest points fall in history.

Bourses in German and France were down 2pc and 4pc respectively, .41pc to close at 8458 and South Korea,
whose export-driven economy is in crisis, fell 9.

Tokyo’s Nikkei 225 index dropped 11.
Hong Kong’s Hang Seng fell 4.4pc – its worst day ever.7pc and New Zealand 4.8, Australia 6.

Sentiment is grim.8pc to its
lowest level since September 2004. “This
is clearly a panic with further to go. “This
is clearly a panic with further to go. The equity market game has
fundamentally changed.”

The market has “picked up on the fear factor”, said ABN Amro Morgans
private client adviser Bill Bishop. “There is nowhere to hide.”

Henk Potts, equity strategist at Barclays Wealth, said: “Investors are
starting to realise that a systemic meltdown of the financial sector is less
likely, but worries have shifted to macro-economic concerns.”

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