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The FTSE 100 dropped further this morning after yesterday's losses, before staging a comeback.

On opening the index fell 5.86 per cent – following the largest falls since 1987 recorded in Tokyo overnight.

However, by 9:17 BST, the index had regained some ground and was down 2.79 per cent – or 113.90 points – to 3,965.69.

The biggest gains on the markets were seen for the banks.

Lloyds TSB was up 4.59 per cent to 157.10p and Royal Bank of Scotland gained 3.69 per cent to 67.40p.

Schroders gained 1.96 per cent, publisher Pearson was up 1.63 per cent and Antofagasta rose 0.95 per cent.

The biggest falls were seen for TUI Travel – down 15.62 per cent after gains seen in recent days.

Miner Lonmin was down 9.79 per cent, builders merchant Wolseley gained 9.32 per cent, South Africa-based insurer Old Mutual lost 8.21 per cent and Vedanta resources dropped 7.98 per cent.

A similar pattern - of initial sell off and a bounce back – was recorded in Europe with the France's Cac 40 down 3.60 per cent and Germany's Dax down 3.21 per cent.