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Anxiety drags down European markets Anxiety drags down European markets
(about 1 hour later)
London's top shares have fallen nearly 3%, while other European markets have seen even bigger falls, amid anxiety about the health of the global economy. London's top shares have fallen nearly 2.4%, while other European markets have seen even bigger falls, amid anxiety about the health of the global economy.
In morning trading, the FTSE 100 index fell 165.16 points to 5,507.14. By lunchtime, the FTSE 100 index was down 135.32 points to 5,536.98.
At the same time, share indexes in Frankfurt and Paris were down 3.2% and 3.9% respectively. At the same time, share indexes in Frankfurt and Paris were down 2.7% and 3.8% respectively.
Analysts said US Federal Reserve boss Janet Yellen's gloomy economic assessment on Wednesday had added to investors' worries.Analysts said US Federal Reserve boss Janet Yellen's gloomy economic assessment on Wednesday had added to investors' worries.
In testimony to Congress, Ms Yellen said financial conditions in the US had become "less supportive" of growth and warned of the "increased volatility" in global financial markets.In testimony to Congress, Ms Yellen said financial conditions in the US had become "less supportive" of growth and warned of the "increased volatility" in global financial markets.
Analysis: Kamal Ahmed, economics editorAnalysis: Kamal Ahmed, economics editor
The great sell off continues.The great sell off continues.
Why?Why?
It's a mix - part economic fundamentals; part market emotion, as herding investors follow each other down a negative spiral, fearful of being left beached as the tide goes out; and part brute market forces, the major trading houses looking to make a profitable turn on share prices which they bet are not going up any time soon.It's a mix - part economic fundamentals; part market emotion, as herding investors follow each other down a negative spiral, fearful of being left beached as the tide goes out; and part brute market forces, the major trading houses looking to make a profitable turn on share prices which they bet are not going up any time soon.
Read Kamal in fullRead Kamal in full
Coco bonds: what are they and why have they hit bank shares?Coco bonds: what are they and why have they hit bank shares?
Why use negative interest rates?Why use negative interest rates?
On the FTSE 100, the biggest losers were a mix of banks, mining firms and energy stocks. On the FTSE 100, the biggest losers were a mix of financial firms and mining stocks.
Mining giant Rio Tinto fell 4.7% after it revealed that it had made an annual loss of £596m. Barclays was the worst performing bank, sliding 6.2%
Fellow miners Glencore and Antofagasta shed 5.8% and 4.5% respectively. Mining giant Rio Tinto fell 3.7% after it revealed that it had made an annual loss of £596m.
However, other firms in the sector fared better. Randgold Resources rose 4%, while Fresnillo added 5.5%. Fellow miners Glencore and Antofagasta shed 5.4% and 1.8% respectively.
In Paris, Societe Generale bank was particularly hard hit, falling more than 14%. However, other firms in the sector fared better. Randgold Resources rose 6.6%, while Fresnillo added 6.9%.
The bank's share price was hit after it said it was scrapping its target of obtaining a 10% return on equity by the end of this year. In Paris, Societe Generale bank was particularly hard hit, falling more than 13%.
On the commodities markets, Brent crude was down 1.6% to $30.36, while US light crude fell 2.8% to $26.67. The bank's share price tumbled after it said it was scrapping its target of obtaining a 10% return on equity by the end of this year.
On the currency markets, the pound hit a 13-month low against the euro, falling 0.82% to €1.2757. In Frankfurt, Deutsche Bank was down about 8%, as its share price continued to suffer from concerns about the strength of its balance sheet.
The currency was also down 0.4% against the dollar at $1.4466. Banks are under pressure across Europe because of fears that exposure to bad loans may leave them ill-prepared to cope if the global slowdown intensifies.
On the commodities markets, Brent crude was down 1.6% to $30.34, while US light crude fell 3.9% to $26.38.
On the currency markets, the pound hit a 13-month low against the euro, falling 1.12% to €1.2719.
The currency was also down 0.71% against the dollar at $1.4420.