FTSE tumbles to five-year low

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The FTSE 100 Index shed more than 5% - wiping a further £52 billion from blue-chip stocks - to finish down 218.2 at 3861.4, its lowest close since April 2003.

The sell-off combined with Wednesday's 7% slide to erase Monday and Tuesday's rallies and send the Footsie below its finishing mark last Friday - after its worst week since the crash of 1987.

CMC Markets dealer James Hughes said: "Just when we thought the dust was beginning to settle we see another day of huge falls across the world."

The FTSE 100 Index initially opened more than 5% down following heavy falls for Asian markets overnight, but losses were clawed back through the morning amid hopes of a recovery in the US.

But Wall Street's Dow Jones Industrial Average fell 3% early on as gloomy economic data showed the biggest monthly fall in US industrial production since 1974 - adding to recession fears.

Across Europe France's CAC 40 and Germany's Dax fell almost 5% and 6% respectively. Switzerland's central bank also announced the latest multi-billion bail-out - this time of banking giant UBS.

But Mr Hughes added: "The difference from past moves is the fact that the main worry is not the bank bail-out plan but the fears of global recession."

Oil prices fell below 70 dollars a barrel at one point today on concerns over weakening demand. Oil cartel OPEC said it would bring forward a meeting scheduled for November to the end of next week.

Among the biggest blue chip victims were heavyweight mining and oil stocks - as well as those firms exposed to the ailing housing market after building supplies firm Travis Perkins warned on profits.