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The FTSE 100 was down 1.33 per cent this morning as its volatility continued.

At 9:13 GMT, the index stood at 4,068.12 – a drop of 54.74 points.

The drops came despite solid performance last night in New York and Asia.

The Dow Jones was up 3.31 per cent last night, while the Hang Seng rose 1.36 per cent and the Nikkei gained 1.79 per cent.

In Europe, the London despondency was shared – with the Dax down 1.86 per cent and the Cac 40 tripping 1.99 per cent.

In London there was a mixed bag of winners and losers coming out of the traps.

Stagecoach was down 20.23 per cent on news it was to cut jobs in the face of recession.

Rio Tinto dropped 11.65 per cent, energy generator Drax fell 5.52 per cent and London Stock Exchange was down 5.23 per cent.

Rises in oil prices saw Petrofac gain 3.17 per cent. Man Group rose 3.13 per cent and Friends Provident climbed 3.00 per cent.

On the currency markets, the pound was down 1.60 per cent against the dollar to $1.46, and was down 0.74 per cent against the euro to €1.16 – making €1 worth 85p.