Only a handful of companies made gains today in the UK’s share index, after concerns over China’s crumbling markets took hold.
The FTSE shrugged off a rate cut from the People’s Bank of China to close down 1.69% to 5,978.50.
The drop made made yesterday’s first rise in 11 sessions look increasingly like a dead cat bounce.
Worst hit were the miners, on concerns profits will be hit by falling commodities prices.
Rangold Resources fell 6.57% while Fresnillo plunged 4.17%
Here’s the chart:
The other European markets were also down today. The DAX fell 1.26% while the Euro Stoxx 50 was down 1.42%