A brief market rally on the UK interest rate cut failed to materialise into a substantial recovery this afternoon, with the FTSE100 diving sharply once again on Wall Street's opening decline.
At 3.45pm, London’s blue chip index was 233.47 points lower, or 5.15%, to 4,297.26.
The Man Group and miners are at the forefront of the losses, with the hedge fund plummeting 32.57%. Vedanta is 15.69% behind and Eurasian is down 13.65%.
Old Mutual leads the risers after its better than expected nine month results released this morning, currently 7.28% ahead.
In New York, the Dow Jones has once again dived under 9000 as more bleak economic data filters through.
The Dow is currently 191.39 points behind, or 2.09%, to 8,947.88.
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