FT:
In Europe banks were the heaviest falling stocks as investors worried about which financial institution would be the next to experience problems with creditors.
UBS, the Swiss bank, fell 10.6 per cent, while in the UK Royal Bank of Scotland and Barclays both fell about 7 per cent. Alliance & Leicester, a mortgage lender, tumbled 10.5 per cent.
An announcement by the Bank of England that it was to inject an extra £5bn into distressed money markets did nothing to restore confidence, and the FTSE 100 in London fell 2.9 per cent to 5,469.3.
In Europe, the FTSE Eurofirst 300 plunged 3.8 per cent to 1,207.91, while Germany’s Xetra Dax fell 3.8 per cent to 6,205.41, and in France the CAC 40 dropped 3.2 per cent to 4,447.34.
And,
US equity markets fell sharply in opening trade on Monday, as financial stocks sold off amid deepening worries about the health of the world’s financial institutions.
The benchmark S&P 500 index fell 1.7 per cent to 1,266.80, while the Dow Jones industrial average fell 1.3 per cent to 11,799.74. The Nasdaq composite index fell 1.9 per cent to 2,170.15.
The Federal Reserve spooked traders and analysts when it launched a series of radical initiatives over the weekend designed to bolster the liquidity and confidence of financial markets.
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...designed to bolster the liquidity and confidence of financial markets."
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