Toucan

The FTSE 100 plunged ten per cent shortly after opening after the US stock market hit a new five-year low yesterday.

Commodities continued to rally on the index, while financial stocks slipped back into the red as investors lost confidence in the face of a global economic slowdown.

The Dow lost 679 points, or 7.3 per cent yesterday, closing at its lowest point since May 21st, 2003.

Asian markets followed, with Japan's Nikkei falling 9.6 per cent and Hong Kong's Hang Seng index down eight per cent in afternoon trading.

HBOS, which in the last few sessions has seen its stock soar, today led the fall on the FTSE 100 with a 25.08 per cent drop by 08:14 BST.

Barclays shares also plunged and were down 23.47 per cent, while Royal Bank of Scotland fell 19.79 per cent to 77p.

Mining stocks are still dominating the risers, with Antofagasta up 10.12 per cent and Xstrata up 7.94 per cent.

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