THE TELEGRAPH: The FTSE 100 fell as much as 5 per cent in early morning trading, led lower by banks, as European governments stepped up their efforts to fight the deepening crisis.
The UK's index of leading shares initially dropped more than 240 points before recovering slightly to 4,876.56 shortly after the market opened at 8am. In Europe, shares fell in Italy, Germany and France.
Earlier Asian shares fell as deteriorating credit markets prompted European governments to pledge bailouts for troubled banks.
Japan's Mitsubishi UFJ Financial Group and Australia's Macquarie dropped more than 6pc after Germany agreed on a $68bn package for Hypo Real Estate Holding and Britain said it's ready to support its banks.
Sumitomo Metal Mining lost 4.1pc after copper and gold prices sank amid concern a $700bn US bank bailout won't prevent a slowdown in global economic growth. FTSE 100 Falls as Global Banking Crisis Deepens >>> | October 6, 2008
Business Bullet:
THE TELEGRAPH:
FTSE 100 Falls More than 5pc amid Financial Turmoil: The FTSE 100 fell more than 5pc in early trading, led by the banks, as the markets reacted to further turmoil in the global financial sector. >>> By Graham Ruddick | October 6, 2008
MAIL Online:
FTSE Plunges as Pressure Grows on Brown to Follow Germany's 100% Savings Guarantee >>> By Sean Pulter, Michael Lea and Nicola Boden | October 6, 2008
TIMESONLINE:
London Plunges as Banks Pump Billions into Market: The FTSE index of leading shares dived by more than six per cent this morning, following sharp losses across Asian equity markets on growing concerns over the global financial crisis. By 10.56am, the FTSE 100 was down by more than 300 points at 4,670.9 — a four-year low. >>> Jane Macartney in Beijing and Dominic Walsh | October 6, 2008
TIMESONLINE:
Worst-case Scenario Is Approaching Rapidly: The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace.
On Saturday Angela Merkel, the German leader, criticised last week’s decision by the Irish to guarantee all deposits in their leading banks without consulting other European countries. The Irish Government said that the move was forced on it by the threat of a run on one of its banks. Only a day later Ms Merkel was forced to take almost the same action in almost the same circumstances.
In the longer term, this clearly raises questions about the hopes for (or fears of) European financial integration. In the short term, it presents serious challenges for other European governments. >>> David Wighton, Business and City Editor | October 6, 2008
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