Economics / Markets

The FTSE100 has opened well this morning with financials and mining stocks leading a mini recovery for the blue chip index, currently 40.60 points higher (0.71%) to 5763.90.

Banking stocks suffered massive losses today, contributing to the FTSE100's 1.78% loss, as the index closed at 5723.30, down 104 points.

The UK is at risk of entering a period of 'stagflation', according to Mervyn King, governor of the Bank of England.

The FTSE100 has opened steady this morning despite sharp losses to homebuilders and retailers, the index is currently 3.90 points (0.07%) higher to 5831.20.

Building and banking stocks fuelled the continuing downward direction of the FTSE 100 today, as the index fell by 0.86% to 5827.3 at the close of trading.

Leonard Klahr, manager of Old Mutual's Extra Income fund, is to retire in March 2009.

Financials have continued yesterday's poor showing in early trading this morning, driving the FTSE100 down 32.90 points (0.56%) to 5844.70.

The FTSE had a disappointing day of trading today, finishing 0.49%, or 29.2 points down at 5,877.6.

London markets have opened steady this morning despite seeing Wall Street suffer one of its worst sessions in a year on Friday.

Prudential has launched two new target return funds to complement its existing inflation plus 5pc fund, launched in 2005.