Banking and insurance stocks drive Footsie down
Battered banking and insurance stocks have driven the FTSE 100 Index another 100 points lower as European markets came under renewed pressure.
The blue-chip index is down 116.4 points at 3336.3 while French and Germany markets also struggled.
Analysts say the passage below the 3400 has been significant as it may have triggered technical selling by some institutional investors. Forecasts for a gloomy opening on Wall Street this afternoon added to the grim mood.
The latest slump also means the Footsie looks certain to set a new seven-and-a-half low tonight after falling in six of its last seven sessions.
