The FTSE 100 is plummeting in morning trading, thumped again by a poor banking and finance sector. The index is currently on 6144.20, an 82.3 point drop, or 1.32%.
Its no surprise Northern Rock is leading the losses again as uncertainty continues for the lender – it’s currently 11.30 points down, or 11.65%, to 85.70. Alliance & Leicester is another financial to be hit hard, down 6.4% to 556.
Daily Mail and General Trust is in freefall after investors reacted harshly to the appointment of Martin Morgan to chief executive. It is 9.71% lower so far, to 521.
Fossil fuels are leading the gains, with natural gas company BG Group up 2.78% to 999, while Royal Dutch Shell is also ahead, its B share is 1.68% to 2001.
In New York, the Dow Jones climbed in late trading on the back of the oil sector, closing Tuesday up 51.7 points, or 0.40%, to 13010.14.
Oil conglomerate Exxon Mobil benefited from a UBS “buy” signal, closing the session as the with the most significant gains, up 3.71 points, or 4.41% to 87.82.
Microsoft Corporation led a good day for the Tech and internet sector, closing up 1.83% to 34.58; while Intel was 1.39% higher, to 25.52 and IBM climbed 1.17% to 103.42 on news it recorded a a 28% rise in profit.
General Motors continues to lose ground, falling 1.87% to 26.29, while insurance and financial services group American International dipped 1.64% to 54.44.
In Tokyo, the Nikkei continues to fall on the rising yen and US instability. The index closed Wednesday trading down 373.86 points, or 2.46%, to 14,837.66.
Japan's third largest insurer Sompo Japan Insurance fell on the back of news it may have to pay 30 billion yen in sub-prime related claims. It fell 15.58% to 1,008 yen, its biggest drop since 25 November 1997.
Sumco Corp, the world's second largest maker of silicon wafers, also dipped sharply – declining 12.04% to 3,140; while Toho Zinc slid 8.37% to 701 yen.
Mitsubishi Paper Mills is up on news Oji Paper has taken a 2.34% stake in the company, climbing 4.81% to 218 yen; while Nippon Sheet Glass is 4.22% higher on a sharp increase in first half profits, closing on 593 yen.
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