Britain: already in recession? FTSE 100 plunges again

October 16. Britain’s FTSE-100 closed down at 3861.39 dropping 218.12 points or 5.4 percent. The benchmark of the UK’s largest companies is now down 41 percent this year and fund managers predict there are more tough times ahead.

There were big losses all over the stock market today, travel companies were badly hit with Thomas Cook and TUI Travel with their shares dropping more than 20 percent.

Mining stocks such as Xstrata, Kazakhmys and Vedanta Resources all sure huge double digits drops again today after a hammering all week.

Economist are saying that Britain is now in recession, added to the fact the news that the production in the industrial part of the US economy is falling hard and that last month it fell the most in 34 years puts more pressure on the UK economy and deepens the worry of recession.

The Dow Jones by early afternoon had lost another 2 percent after plunging 8 percent yesterday.

Source: Telegraph