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FTSE stocks fall by £35bn amid global economy worries

By PA Reporters

The FTSE 100 Index saw £34.9bn wiped off stocks, as it plunged to a fresh three-and-a-half year low amid heightened fears over the state of the global economy.

London's top flight dropped 2.4% to 5,536 - its lowest level since July 2012 - while it was also a sea of red on Wall Street and across Europe.

Falling oil prices and warnings over worldwide growth from the US Federal Reserve put stocks under pressure, with the Dow Jones Industrial Average in America falling 2%.

The Cac 40 in France was 3.5% lower, while Germany's Dax dropped just under 3%.

UK stocks had enjoyed a brief respite on Wednesday, however stocks slipped back into the red after the Fed warned of market volatility.

Meanwhile, the chairwoman, Janet Yellen, poured cold water on the prospect of a second rise in interest rates happening any time soon.

The rout in banking also continued apace, with Barclays down 7%, Standard Chartered off 5%, while RBS dropped 4%.

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