Banks and China spark Dow sell-off; Miners hit FTSE

clock •

US shares tumbled in early trading on the back of disappointing results for three major banks and reports of a significant tightening in China's monetary policy.

Less than three hours into trading, the index had plunged almost 200 points, or 1.81%, to 10,531. Despite posting larger-than-expected Q4 losses, Bank of America was among the day's early winners, up 0.61%. The bank posted a net loss of $5.2bn as the cost of repaying its bailout emergency cash weighed heavily. J.P. Morgan, which also posted disappointing quarterly results, was up 0.19%. Bucking the trend was Wells Fargo, which reported a profit.   Kraft Foods - fresh from its takeover of Cadbury - was among the losers, falling 2.28%, while Boeing, down 1.35%, and Microsoft, do...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Fahad Hassan: When good news becomes an inflation problem

Fahad Hassan: When good news becomes an inflation problem

'Markets have been adjusting to the risks through valuations all year'

Fahad Hassan
clock 29 September 2026 • 6 min read
Healey promises 'new age of industrialisation' ahead of Budget

Healey promises 'new age of industrialisation' ahead of Budget

Keeps quiet on personal taxation, pensions or savings at Labour’s conference

Isabel Baxter
clock 28 September 2026 • 2 min read
MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

Treasury Committee report

clock 23 September 2026 • 2 min read