In London, markets dropped after news that the UK's biggest retailer, Tesco, has missed its festive sales targets and the FTSE 100 was down 181.7 point (2.92%) 6,034.00.
Experian shares climbed 9.25 points (2.53%) to 375.25p, while ITV added 1 point (1.45%) to 70.2p after its revival of News at Ten boosted viewing figures.
Taylor Wimpey shares lost 13.3 point (7.71%) to 159.2p as the outlook for the UK housing market appeared bleak, and Home Retail lost 19.75 points (7.03%) to 261.25p as retailers began to suffer from the effects of the credit crunch.
On Wall Street, markets plummeted after Citigroup revealed a £5bn loss in the final quarter of 2007 and the Dow Jones lost 185.59 points (1.45%) to 12,592.56.
A single share made gains in early trading, with IBM adding 0.35 (0.34%) to 103.28.
JP Morgan Chase lost 1.61 (3.89%) to 39.75 as analysts suggested US banks would see profits fall 69% in the fourth quarter of 2007. General Motors share dropped as disappointing retail sales figures suggested consumer finances are tight, down 0.74 (3.12%) to 22.95.
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