Economics / Markets

Financials are leading a mini-revival for London markets this morning, with banking stocks mirroring the yesterday's strong giants for compatriots across the Atlantic. The FTSE 100 is currently 70 points (1.29%) higher to 5510.60.

Economic growth in the Eurozone was a downwardly revised 0.7pc in Q1, according to data from Eurostat.

Struggles on the FTSE continue today as the index drops 72.2 points, shedding 1.31%, to 5440.5.

The UK economy is on the verge of a recession, according to the results of the British Chambers of Commerce (Q2) Quarterly Economic Survey.

The FTSE100 has entered ‘bear market' territory after being smashed in early Tuesday trading, down 129.20 points (2.34%) to 5383.50.

Current stock market conditions are comparable to those of Q1 2000, at the tail end of the TMT (Technology, Media, Telecoms) boom, according to PSigma's Bill Mott.

Consumer borrowing soared by £22.4bn in the first quarter of 2008, up £13bn on the same period in 2007, according to Research commissioned by Unbiased.co.uk.

The FTSE100 has given up most of its strong opening gains this morning, with financials and miners among the early strugglers.

The FTSE is slipping further into the red on Friday as it continues to slip into a 'bear' market.

The 'NICE' (non-inflationary, continuous expansion) global economy has been replaced by a 'VILE' period (volatile inflation and lower earnings), according to HSBC Private Bank.