A rapid decline on the FTSE has seen the index ship more than 124 points, or 2.2%, to slump to 5,501.7.
Carphone Warehouse Group, down 13.5p, or 6.82%, to 184.4p is the biggest loser so far on Tuesday, followed by Kingfisher and Eurasian, both of which have already lost over 6% in share value.
The only bright spark on the FTSE so far is BT Group, which has advanced 2.6p, or 1.3%, to 202.5p. Vodafone has also advanced to 150.25p per share.
There are still some hours to go before we see what impact the loss on the FTSE will have on the Dow Jones.
The index finished marginally higher yesterday, having advanced 3.5 points, or 0.03%, to close on 11,350.01.
American International Group, Bank of America and Citigroup all suffered losses, while Verizon Communications, AT&T and Merck all made small gains.
Japan’s Nikkei 225 Stock Average fell for a ninth day, its longest losing streak in almost four years, amid concerns higher materials costs will erode earnings. The index dipped 18.18, or 0.1%, to close at 13,463.20 in Tokyo.
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