UK stock market melts as shares nosedive

The FTSE 100 crashed down early trading and by mid-morning had fell 6 percent. By midday it was 271 points lower at 4708.5, off 5.5 percent, this nosedive could end up putting the index in a position to be one of its worse days trading ever. It was the same picture for European markets and in Asia as the banking sector of Europe was unsettled by crisis talks over the weekend regarding the stability of Iceland’s economy.

British banks took a hammering yet again and billions were wiped of their value, Royal Bank of Scotland (RBS) tumbled 14 percent to 160p shedding 26p of the share value. HBOS slumped 16 percent down to 169p shedding 32p of its share value.

New fears grow as the US enters a new phase following the $700 billion bail-out plan it’s expected that Wall Street will follow suit. Analysts say the Dow Jones industrial could fall as much as 250 points as Wall Street opens for trading today.

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