FTSE under 4,000 as US stocks dive

At 3pm, London's blue-chip index has fallen 103.14, or 2.52%, to 3,989.66 - while the Dow has suffered a similar percentage drop in New York this morning, down 196.73, or 2.42%, to 7,934.60. Mining stocks are being punished this afternoon, with Xstrata 11.19% lower to 524p. Peers Lonmin and Eurasian are also in a double digit percentage drop, 11.15% behind to £12.27 and 10.62% down to 517.50p. One resource giant is bucking the trend however; gold miner Randgold has advanced 6.77% to £30.14. In the US, the banking sector is suffering the sharpest falls, with Bank of America 13.1% lower...