FTSE slumps amid global bloodbath

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London's slide below the 4000 barrier came after similar heavy losses for investors in Asia and on Wall Street on Thursday night.

The Footsie later steadied, but at 5% lower at 4096 it was still almost 18% down on the top flight's position at the start of the week.

The bloodbath extended across Europe, with France's CAC 40 plunging 7% and the Dax in Germany down by 8%.

Overnight losses in Asia saw Japan's benchmark Nikkei 225 index close almost 10% lower - down 881 points in its worst session since Black Monday in 1987.

And America's Dow Jones Industrial Average closed below 9000 for the first time since 2003.

Henk Potts, director of investment strategy at Barclays Stockbrokers, said: "I think it's very close to panic. We are drowning in a sea of red numbers and fundamentals have gone out the window.

"Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth.

"The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy."