FTSE set for 20-year record fall

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 Footsie was down almost 9% at one stage - representing the biggest decline since the aftermath of Black Monday in October 1987.

A host of the UK's biggest banks were rocked by turmoil across the European banking sector, with Royal Bank of Scotland nursing a 22% fall.

Chancellor Alistair Darling - reportedly considering plans to shore up banks with taxpayers' cash - said that "all practical options must remain open" in dealing with the crisis.

The Chancellor's comments failed to reassure investors as trading screens turned red across the City for the second Monday in a row.

CMC Markets analyst James Hughes said: "I've never seen anything like this. What we are seeing over the last few weeks is a once in a lifetime event."

The Footsie reached lows not seen since September 2004 today. In the US, Wall Street's Dow Jones Industrial Average traded below the 10,000 mark for the first time in more than three years.

In Asian markets Japan's Nikkei 225 average slid more than 4% to a four-year low, while in Hong Kong the Hang Seng tumbled 5% as Friday's backing of a US financial rescue was all but forgotten.

Fresh turmoil at several European banks came alongside reports that the Treasury could step in to prop up struggling UK banks with taxpayers' cash.