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The FTSE 100 fell 1.32 per cent on opening this morning as traders again lost confidence in miners.

At 9:13 GMT, the index stood at 4,108.66 – a fall of 54.95 points.

The falls followed drops last night in Wall Street – where in the last hours of trading the index dropped substantially - closing down 2.51 per cent.

This morning on the continent, the Dax was down 2.56 per cent and the Cac 40 fell 2.44 per cent.

In London the top five price drops were all posted by miners – as oil prices fell and recession fears redoubled.

Lonmin fell 8.27 per cent, BHP Billiton dropped 5.99 per cent, Xstrata slid 5.88 per cent, Fresnillo was down 5.39 per cent and Antofagasta lost 5.35 per cent.

On a gloomy December morning, Smith & Nephew was up 2.88 per cent.

Property pair Hammerson and Liberty International rose 2.62 per cent and 2.48 per cent respectively – as interest rate cuts boosted prospects for the sector.

Aviva rose 2.43 per cent and BT gained 2.40 per cent.