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FTSE 100 slumps almost 2% by midday FTSE 100 slumps on weak bank shares
(about 5 hours later)
(Noon): London's leading shares were lower at midday as a number of key company shares and other European markets fell. (Close): Shares in London closed with sharp losses as bank shares weighed on the FTSE 100 index.
The FTSE 100 was down 101.45 points at 5,746.61. The FTSE 100 finished 2.7% lower at 5,689 points as analysts said investors were turning against financial shares because of shaky global growth.
Elsewhere in Europe, Germany's Dax was down more than 2% as was France's Cac index. HSBC closed 4% lower, Lloyds Banking Group fell 3.5% and RBS ended down 4.6%.
Miners continued higher, building on some impressive gains last week. Randgold was the best riser on the FTSE following strong results. Elsewhere in Europe, Germany's Dax fell more than 3.3% and France's Cac index finished 3.2% lower.
Engine maker Rolls-Royce was marked down 2.5% as traders speculated it was on the brink of cutting its dividend. It has issued a series of profit warnings in recent months and is due to release results on Friday. European banks were also hit hard.
Global advertising giant WPP was down 3.5% on fears about the outlook for worldwide advertising revenue as economic growth slows. Owen Callan, senior analyst at Cantor Fitzgerald, said: "People are worried about the global economy and particularly now we are beginning to look at the banks. You are seeing more and more people saying: is this 2008 again? Maybe not quite as severe, but do we need to be worrying about the banking sector and risk assets on a bigger level?".
Broadcaster ITV was down 5.5%. Miners continued higher, building on some impressive gains last week. Randgold was the best riser on the FTSE following strong results, jumping 13.2%.
Chip maker Arm Holdings was down 5% after brokers stated their "neutral" view of the stock. Engine maker Rolls-Royce fell 2.8% as traders speculated it was on the brink of cutting its dividend. It has issued a series of profit warnings in recent months and is due to release results on Friday.
On the commodities markets, Brent crude turned south, losing 2% to $33.43, while US light crude lost 2.5% to $30.11. dAdvertising giant WPP was down 5.3% on fears about the outlook for worldwide advertising revenue as economic growth slows.
On the currency markets, the pound turned negative after modest gains earlier. Broadcaster ITV was down 7.2%.
It was down 0.6% against the dollar at $1.4416 and was down 0.28% against the euro at €1.29.63. Chip maker Arm Holdings was down 5.8% after brokers stated their "neutral" view of the stock.
On the commodities markets, Brent crude also fell, losing almost 1% to $33.75, while US light crude lost 1% to $30.57.