FTSE plunges amid recession concern

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The FTSE 100 Index initially opened more than 5% down following heavy falls for global markets overnight, but losses were pared back amid hopes of a recovery later for Wall Street.

The Footsie was down 101.8 points at 3976.6 - a drop of 2.5%.

Among the biggest blue chip victims were companies exposed to the ailing housing market after building supplies firm Travis Perkins issued a profits downgrade.

The FTSE 250 company, which owns DIY chain Wickes, saw its shares slump by more than a third after telling investors recent trading had been worse than expected.

B&Q owner Kingfisher saw its shares fall more than 7%, while the owner of the Build Center chain, Wolseley, dropped more than 12%.

Energy stocks were the other big losers as oil prices slid to a 14 month lows near 71 US dollars a barrel. Royal Dutch Shell was 5% lower with rival BP down 1%.

British Airways, which is seen as one of the most exposed businesses to a worldwide economic slump, was down 2% - much improved from the 10% dive seen early on.

The Footsie fall followed a drop of more than 7% on Wednesday. It also came after an 11.4% plunge for Japan's main Nikkei index.

On Wednesday night New York's Dow Jones Industrial Average also closed down nearly 8% as jittery investors dumped shares after sobering reports on the US economy. Other European stock markets started off with heavy losses, but also rowed back. Germany's Dax was down 1.6% and France's CAC 40 3% lower.