FTSE 100 hit a one-year low this morning, after the Dow suffered its biggest fall in six years * Noon GMT update: FTSE 100 down 180 points * US stock market expected to keep falling * European stocks down 2% after early sell off * $4trn wiped off stocks since last week * FTSE 100 hits one-year low * Why are markets falling? * As it happened: Dow plunges 1,175 points, Asia follows... 1.02pm GMT TRADERS ON WALL STREET ARE EXPECTING FRESH LOSSES WHEN THE MARKET OPENS IN AROUND 90 MINUTES TIME. “The one thing I could say with confidence is that volatility has suddenly come back into the market. “The declines in markets are steep and vicious and are fostering a feeling of fear which begets irrational behavior. So this market is now driven on fear of rates and [rising] wages. That basically means good news now is bad news. 12.52pm GMT THE TURMOIL IN THE MARKETS TODAY HAS DISRUPTED GREECE’S PLANS TO ISSUE A NEW GOVERNMENT BOND. Barely 24 hours after the mandate was announced, it was decided not to push ahead with what would have been the debt-stricken country’s boldest market foray in almost eight years under international bailout programmes. It was assumed the seven-year issue would price today but one lead manager said: “we felt it would be prudent to wait for some stability. Greece doesn’t do deals very often and wants to make sure it works.” Continue reading...
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