THE DAILY TELEGRAPH: Shares in London tumbled again yesterday, wiping £75bn off the value of the blue chip index in just two days.
Its fall was matched worldwide despite dramatic attempts by central banks to pour money into the credit markets to prevent losses from the US sub-prime mortgage market slump spreading throughout the financial system.
The FTSE 100 had its biggest drop in almost four and a half years, tumbling 232.9 points to 6038.3, to leave it lower than it started the year. The mid-cap index slid 322.6 to 10889.
Tom Hougaard, chief market strategist at City Index, said: "This is absolutely unprecedented. In the last 15 minutes of trading we dropped 50 points. That's serious 'Get me out, I don't want to be in this any more, I'm scared'." FTSE 100 loses £75bn in two days (more) By Josephine Moulds and Richard Blackden
TIMESONLINE:
Bernanke under pressure to cut rates as markets plunge By Suzy Jagger in New York
FT:
Fresh turmoil in equity markets
DAILY MAIL:
£63bn wiped off UK shares as fears of a recession grow By Sam Fleming
Mark Alexander
