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Markets fluctuate following US bail-out deal failure

The FTSE and other leading indexes endured a topsy-turvy start to trading this morning after the $700bn US rescue plan failed to get backing from the House of Representatives.

The FTSE 100 was up by 0.4 per cent at 11.08am this morning, having lost as much as 3 per cent earlier on, while France’s Cac 40 was up 0.59 per cent and Germany’s Dax down 0.42 per cent.

The failure of the plan already began to hit Wall Street’s Dow Jones index prior to its closure yesterday, posting its biggest one-day loss in history.

In Japan, the Nikkei closed 4.1 per cent down on Tuesday prompting concerns of major falls across Europe when markets opened.

The FTSE 100 fell 5 per cent yesterday to 4818. Bank shares have again been the worst hit today with HBOS and Royal Bank of Scotland down 10.14 and 5.3 per cent respectively.

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