FTSE 100 dips on US plan
Friday 26th September 2008, 9:28AM BST.
A fresh wave of financial disasters has hit the FTSE 100 this morning, which fell to 5,103.97 by 08:38 BST after another US bank collapse and fears for the White House’s bailout plan.
Financial stocks dragged the index down this morning, with Old Mutual falling 7.06 per cent and Royal Bank of Scotland down 4.20 per cent immediately after the market opened.
Talks on the proposed $700 billion bailout were apparently in chaos last night, amid accusations presidential candidate John McCain is opposed to the deal.
Investor confidence was not helped by the biggest bank failure yet, when the regulator was forced to take over Washington Mutual and sell it to JPMorgan Chase.
In addition, HSBC has announced 1,100 job cuts this morning.
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