Bank worries contine to dog FTSE
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The FTSE 100 lost ground on Tuesday as news of shock writedowns at Credit Suisse (NYSE:CS) overshadowed reassuring figures from Barclays (NYSE:BCS).
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The central banks for Europe and Britain are facing similar quandaries but are expected to take two different paths when they make interest rate decisions Thursday.
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Wall Street stocks endured a volatile session on Wednesday in which a $7.9bn writedown at Merrill Lynch revived worries about banks' exposure to risky investments.
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Global markets were down Thursday despite a plan by five central banks to inject capital into the banking system to ease credit fears.
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Shares in the bank plummet on fears that it is exposed to risky conduits.
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Northern Rock was braced for another day of chaos at its branches on Tuesday, despite a government promise that it would protect customer savings.
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Business & money: Pound rises and shares fall on announcement as Bank of England takes 'wait-and-see' approach
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The FTSE 100 index of leading shares shed 1.56 percent of its value as nervous investors lost faith in banks after the value of troubled lender Northern Rock slumped by more than 30 percent for the second consecuetive day.
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Investors, frightened by the prospect of a new subprime mortgage crisis that could dwarf the write-downs of the last few months, sent markets lower.
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The pound has been under pressure after a survey overnight showed UK house prices fell for the first time in nearly two years, adding weight to expectations that the Bank of England will not be in a position to raise interest rates further.
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The FTSE 100 could not hold ground above the 6,200 mark in afternoon exchanges, as US indices stayed around the flatline in cautious trade. Mining stocks, banks and oil majors all fell.
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The FTSE 100 could not hold ground above the 6,200 mark on Wednesday, as Wall Street stocks edged higher in choppy trading.
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The pound remained on the defensive, falling to a 14-month low against the euro, as fear gripped the UK&#39;s banking system following the news that Northern Rock has had to seek emergency funding from the Bank of England to stay afloat.
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The Bank of England keeps UK rates on hold for the second month in row after fears of cooling house prices.
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City fears that the Bank of England's rescue package could herald slide in house prices.
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The rescue of British bank Northern Rock  could get bogged down in a legal battle as shareholders criticized the government's handling of the five-month crisis just as a decision nears.
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Leading London shares ended under pressure, close to session lows, as caution ahead of a US rate decision added to weakness in heavyweight insurers.