£49bn wiped off FTSE 100: lowest in six years

Over £49bn was wiped of the FTSE 100 yesterday; this is the lowest closing in six years. Global stocks are in trouble, a result of demands for fresh bailouts for AIG and HSBC (LON:HSBA). There is trouble on both sides of the Atlantic and it for that reason why the FTSE was down 204.26 to 3625.83.

HSBC was seen as one of the strongest banks, and when details of a £12.5 billion rights issue came investors started to panic and sell their stocks. This is the largest cash call in British corporate history, but it will no doubt be topped by another struggling bank.

HSBC said that it needs the extra funds to help buffer the affects of a recession. HSBC provided details of the funding following reports of a 68 per cent fall in annual profits. HSBC shares closed 19 per cent down, 92.25p to 399p.

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