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The Daily Telegraph highlighted how the 2.34 per cent plummet in the value of the FTSE 100 was indicative of the current state of the industry.
Several international stock markets have been affected by continuing troubles in the US, where an agreement on an altered debt ceiling has been agreed, but official reports on consumer spending and the nation's service sector show that a recovery is still some way off.
Speaking to the newspaper, BNP Paribas strategist Matteo Regesta explained: "Equities are weak and risk aversion is rising. There seems to be no catalyst in sight that could fade the current market sentiment."
Following the agreement of the new US debt ceiling at the end of July, international stock markets enjoyed a brief period of growth, with President Barack Obama hailing leaders from the Republican and Democrat parties for securing a deal.
Posted by Clive Arneil
