Stock market panic continues

The stock market panic showed no signs of easing in London today after the FTSE 100 Index tumbled 3% lower in early trading.

The latest rout follows further falls on Asian exchanges overnight as fears over a possible US recession swept through global markets.

Around £77bn (€9.45bn) was wiped from the value of the Footsie yesterday in its biggest one-day fall since the 9/11 terror attacks in 2001.

Today the Footsie continued its decline, falling 192.7 points to 5385.5.