FTSE 100 down amid concerns over China, global growth
Britain's top share index is down to its lowest level in more than three years amid concerns over the sluggish global growth especially worries about a slowdown in China.
The blue-chip FTSE 100 index fell nearly 3 percent to 5,540.32 points in early trading on Thursday. It was at the lowest level since late 2012. Since the start of the year, the FTSE is down by around 10 percent, and some 20 percent below the recorded highs of 7,122.74 points in April 2015.
Banks were among the worst performers amid concerns about the industry's profitability in a low-growth, low-interest rate environment. HSBC and Standard Chartered shed around 4% and 6%, respectively.
"The movement lower in crude oil and the ongoing concerns about the banks are hitting the market," said Beaufort Securities' sales trader Basil Petrides.
The general fears about a global economic slowdown drove investors over to the safe-haven asset of gold, and shares in gold miners such as Randgold and Fresnillo both rose to outperform the slump on the FTSE 100.
While the slowdown in the world's second-biggest economy remains a major concern, investors are also worried after US Federal Reserve boss Janet Yellen gave a gloomy economic assessment on Wednesday.
The jittery was also felt in other European markets with index in Frankfurt and Paris down 3.2% and 3.9% respectively.
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