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The FTSE 100 fell 2.74 per cent on Friday and was down 5.57 per cent on the week, as recession fears continue to bug traders.

The index closed the week at 4,049.37 – a fall of 114.24 points on the day.

In New York, the Dow was down 1.58 per cent at 12:19 EST (17:19 GMT) to 8,244.19.

In Europe the Cac 40 was down 5.48 per cent and the Dax dropped 4.00 per cent.

Tim Hughes, head of sales trading at IG Index, said: "Despite yesterday's late recovery, the UK's leading index has halted a three-day rise after investors failed to react positively to the BoE's base-rate cut.

"Markets worldwide have shown losses, and the US markets seem poised to finish a fourth week in decline.

"This is an uninspiring close to an eventful week marked by yet more economic decline. The continuing flow of negative news from around the globe has sapped positive sentiment from the markets."

He added leading indices can expect share prices to remain volatile for some time to come.

Once more, the miners dug much of the hole in London.

Lonmin dropped 16.24 per cent, while Fresnillo fell 12.16 per cent. As oil prices sunk to $40 a barrel, Tullow Oil dropped 10.31 per cent.

Wood Group fell 11.51 per cent and Stagecoach was down 10.37 per cent.

Legal & General led the gains – up 6.02 per cent – while ICAP rose 3.15 per cent and Centrica gained 2.41 per cent.