The FTSE 100 fell 1.9% yesterday to close at 5,217, with banks and miners dragging the index down.
Banks took fright at new rules proposed by the Basel Committee on Banking Supervision. Lloyds and Barclays were the worst performers, down 8.1% and 6.2% respectively. HSBC and RBS both lost 3.5%.
Miners gave up yesterday's gains as metals prices fell. Xstrata lost 5.2%, Antofagasta fell 4.1% and Kazakhmys was 3.6% lower.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Europe
In Europe, the Paris CAC 40 fell 45 points to 3,831; and the German Xetra Dax was 59 points lower at 5,844.
US
In the US, the Dow Jones fell 1.3% to 10,308; the S&P 500 lost 1.2% to 1,096; and the Nasdaq Composite was 1.2% lower at 2,180.
Asia
In Japan, the Nikkei 225 slipped 0.2% to 10,142; and the broader Topix index lost 0.3% to close at 893. In China, the Shanghai Composite index fell 2% to 3,113; and the CSI 300 closed down 2.5% at 3,391.
Commodities
Brent spot was trading at $72.76 early today, and in New York, crude oil was at $73.43. Spot gold was trading at $1,108 an ounce, silver was at $17.27 and platinum was at $1,438
Currencies
In the forex markets this morning, sterling was trading against the US dollar at 1.6224 and against the euro at 1.1271. The dollar was trading at 0.6948 against the euro and 90.10 against the Japanese yen.
UK news
And today, senior Bank of England official Andrew Haldane has said that if bankers were to leave Britain to escape higher tax, that would be a "price worth paying". Haldane, who is the Bank's head of financial stability, told the BBC: "Some of the downside of carrying around a big financial system is now evident to all. If some of that were to migrate overseas that would be unfortunate but ... may be a price worth paying."
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
