The FTSE 100 dropped over two per cent this morning, as the optimism of the last two days started to ebb.
At 9:40 BST was down 2.74 per cent - or 121.53 points – to 4,272.68.
However, banks held strong, while the miners suffered.
Lloyds TSB was up 6.35 per cent to 160.90p, while HBOS was up 0.94 per cent to 86.10p and Royal Bank of Scotland gained 2.00 per cent to 66.30p
Publisher Pearson was up 3.22 per cent as it reported earnings would be at the high end of estimates, software firm Autonomy rose 1.53 per cent and Shire gained 1.33 per cent.
The top five early losers were all miners – as recession fears hit prospects for commodity demand – with double digit losses.
Xstrata was down 13.07 per cent, Kazakhmys fell, 12.93 per cent, Vedanta dropped 11.16 per cent, Eurasian slipped 10.45 per cent and Anglo American slid 10.42 per cent.
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