FTSE slumps on US gloom

The UK market responded badly to falls in the US and a poor showing from banks also hit the index hard. BAE Systems (down 24.25) was the biggest loser as it faces investigation from the Serious Fraud office. Friends Provident failed to gain ground but there was better news from retailer Sainsbury which rose 8.75 to 363.75. Vedanta Resources was the biggest winner up 85.00. The US market has taken a battering in early trading with the Dow Jones down 169 points to 12,412 on corporate earnings fears. Poor figures from General Electric precipitated the fall as it announced net income was ...