UK shares have fallen again today after the US stock market plunged to a five -year low on worries the world economy will enter a prolonged recession.
The UK’s top stocks have dropped 2% in trading this afternoon with the FTSE 100 falling below the 4000 level to 3923.32.
Yesterday, the Dow Jones closed below 8000 for the first time in five years after the US central bank cut its economic growth forecasts for next year.
In response, Asia’s markets also tumbled. Japan’s Nikkei index fell 6.8% and Hong Kong’s market dropped 4%.
In the UK, life insurers have been hardest hit today over worries on how they will be affected by falling equity markets.
The property sector is also lower. The FTSE real estate index has fallen 2.8% to 1815.54.
Among the biggest fallers are Mapeley, which has dropped 22% to 105p, and Grainger, down 8.7% to 65p.
However, Minerva climbed 7% to 11.25p after it finalised planning approvals for its Odeon Kensington development. Workspace added 6.6% following a positive note from a broker.
