Global gloom sees London market at eight-week low

THE London market plunged to its lowest close for eight weeks yesterday as gloomy sentiment around the world hit home.

About £38 billion was wiped from the value of blue-chip shares, rocked by poor economic data, ongoing concerns about Iraq and weak corporate updates.

A tough start on Wall Street compounded the gloom and by London’s close, the Dow Jones Industrial Average was off 140 points.