The FTSE 100 has been floored this morning as poor financials and mining stocks drive the index down 94.96 points, or 2.44%, to 3,803.89.
Barclays is the worst performing stock so far this morning, reversing some of its large gains last week, down 9.9% to 156.6p. Compatriot Lloyds Banking Group is 6.7% lower to 71p.
Kazakhmys is also heavily down, shedding 8.98% to 344.75p, on a tough morning for the miners. Xstrata is 7.32% behind to 440p and Lonmin is 7.07% lower to £13.28.
Just four stocks are in the black so far, with TUI Travel 0.9% higher to 225p.
Monday was a tough day for Asian indices, with Tokyo's Nikkei 225 dropping 390.89 yen or 4.53% to 8,236.08, while Hong Kong's Hang Seng dived 684.34 points, or 4.85%, to 13,435.16.
US stocks also struggled on Friday, with the Dow Jones closing the week 148.38 points, or 1.87%, to 7,776.18. The broader S&P 500 lost 16.92 points, or 2.03%, to 815.94 and the tech-heavy Nasdaq dipped 41.80 points, or 2.63%, to 1,545.20.IFAonline
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