FTSE

The FTSE is currently marginally down 30.73 points (0.74%) to 4140.52 despite an early rally from mining stocks.

BHP Billiton's decision to drop its bid for Rio Tinto has sent FTSE 100 stocks sliding down 86.98 points (1.66%) to 4083.98, despite yesterdays biggest-ever percentage rise.

London's markets saw a major sell-off in late trading as investors digested a wealth of bad news in the retail sector.

London's markets were dragged down by falling mining shares, which failed to lift as the day wore on. Shortly before 4pm, the FTSE100 had dropped 186.83 points, or 2.54% to 4,101.72.

The FTSE 100 had climbed more than 48 points (1.18%) shortly before close on Tuesday in response to an early rally on Wall Street.

The FTSE100 is sharply higher this morning after an extraordinary late surge on Wall Street drove the Dow Jones IA 6.67% ahead on Thursday.

The FTSE has climbed 9.76 points (0.23%) to 4191.78, despite disappointing losses in US and Asia overnight.

Prudential has announced it will cut final bonuses on its with-profits policies due to the sudden market downturn.

The FTSE is currently down 32.50 points (0.77%) to 4214.19 after the Bank of England's gloomy forecast .

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.