Dismal morning for FTSE

Investors were reeling today after European markets dived 6% in the aftermath of another weekend of financial turmoil.

Banks and mining stocks took the biggest hit in the FTSE 100 Index, which reached mid-morning 306.1 points lower at 4674.2. Germany’s Dax was off 5.8% after the country’s government was forced to provide state aid to leading institution Hypo Real Estate.