FTSE drops below 5,000 while AIG pushes US down

clock

The FTSE100 plunged under the 5,000 barrier for the first time since June 2005 this afternoon while the US market fell on more bad news from AIG.

The UK’s index of leading stocks was 215.10 points (4.13%) lower at 2.15pm, to sit on 4989.10. HBOS’ nosedive continues, currently 35% down to 151.20p. RBS is also in sharp decline, 15.4% behind to 178.1p. Just two companies, Centrica and National Grid, are up more than 1%. Paris’ Cac40 is 2.93% lower this afternoon, while Frankfurt’s Dax is down 2.87%. European financial stocks are also feeling the pinch – with Commerzbank, Allianz and Credit Agricole all more than 10% behind. Wall Street has also opened lower on Tuesday; the Dow Jones is currently 1.4% down to 10,765.66. In the US, ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read
Spring Budget 24: Chancellor unveils long-term UK growth plan

Spring Budget 24: Chancellor unveils long-term UK growth plan

Includes British ISA launch and further NI cut

clock 06 March 2024 • 1 min read