Economics / Markets

The FTSE 100 started with a flurry of activity this morning but has continually slipped lower, currently down 39.8 points, or 0.65%, to 6038.9.

The FTSE closed at 6078.7p this afternoon after rising 14.5 points, or 0.24%.

The Fed's decision today to cut banking lending rates by 0.5 percentage points had the desired effect on stock markets with the FTSE regaining some of this week's losses and the Dow Jones rising the most in a week.

The FTSE 100 is starting to claw back some of the stellar losses incurred in recent days, despite a sharp fall in Asia overnight - the index is currently 56.4 points up, or 0.96%, to 5915.3.

FRANKLIN Templeton has sought FSA approval for the launch three new SICAV funds - Templeton Global Absolute Return, Franklin Strategic Income and Franklin Natural Resources.

A MAJOR banking crisis is on the cards and the stockmarket is set for a further 20pc decline, according to Ken Murray, manager of Blue Planet's Worldwide Financials Investment Trust.

In London, shares fell sharply in early trading and continued to fall and the FTSE 100 sank below the 6,000 level, down 250.4 points, or 4.1%, to 5,858.9.

Early morning struggles on the FTSE have seen it slip a massive 118 points, almost 2%, to 5990.9.

In London, the FTSE 100 recovered slightly from early morning losses but ended the day down 34.2 points, or 0.56%, to 6,109.3.

In London, markets fell due to continuing concern over global credit markets with the FTSE 100 down 52.9 points, or 0.86%, to 6,090.6.