London markets dropped severely as investors worried about the impact of the weak US mortgage market, with the FTSE 100 falling 128.5 points (2.42%) to 5,171.9.
British Airways shares made the biggest gains, up 11p (5.31%) to 218.25p, while TUI Travel added 5.5 points (3.22%) to 176.4p.
Royal Bank of Scotland shares slid 13.8 points (7.67%) to 166.2p, while Antofagasta lost 41p (7.01%) to 543.5p.
Markets plummeted on Wall Street before making a slight recovery in mid-morning over growing fears of recession, with the Dow Jones down 60.41 points (0.55%) to 10,994.78.
Microsoft shares climbed 1.15 points (4.57%) to $26.31, the biggest gains on Tuesday, while Johnson and Johnson added 1.48 (2.23%) to $67.89.
AIG shares dropped on the back of bailouts in the financial services, down 1.4 points (6.21%) to $21.15, while Bank of America dropped 0.96 (4.76%) to $19.19.
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Set to become part of Single Financial Guidance Body
Also plan to scrap NI on contributions
Eight-week high against US dollar