FTSE dives as depression grips markets

Analysts and commentators are suggesting the coming, global recession will be far worse than any experienced in recent history, and could be the toughest economic period since the Great Depression. Sterling has also been battered this morning, losing more ground to $1.54. The UK currency is at a record low against the Euro. Financial and commodities firms led the falls as Aviva shares slumped 12.03% to 217.5p, Legal & General dropped 9.72% to 64.1p and Rio Tinto fell 9.66% to £20.57. Doubt over HSBC’s capital position has dented the banking giant – its solid loss in Hong Kong has trigg...