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The FTSE 100 started the day with a one per cent fall – marking a pattern seen through much of the week of early losses made up during the day.

At 8:47 GMT, the index stood at 4,287.01, a fall of 43.65 points or 1.01 per cent.

After losses last night, Old Mutual swung back and was up 5.67 per cent this morning, while Schroders was up 3.20 per cent.

Royal&SunAlliance was up 2.65 per cent and cruise operator Carnival rose 1.50 per cent.

Leading the morning falls was Schroders non-voting stock down 5.03 per cent.

Platinum producer Johnson Matthey saw a 4.61 per cent drop, while miners Angle American and Antofagasta fell 4.59 per cent and 4.04 per cent respectively.

Cairn Energy was down 4.32 per cent.

On the currency markets, sterling was up a notch against the dollar and euro.

£1 now stands at $1.50415 and €1.06815, making €1 worth £0.93850.

Last night in New York the Dow Jones Industrial Average was down 2.49 per cent, while the Hang Seng fell 2.39 per cent.

The Nikkei dropped 0.91 per cent – despite the Bank of Japan cutting interest rates to 0.1 per cent.

This morning in Europe, the Cac 40 in Paris was down 1.43 per cent and the Dax in Frankfurt fell 0.70 per cent.