Markets plunge on poor US economic data

The FTSE 100 has slipped further into the red in late afternoon trading as disappointing US manufacturing and housing data added to growing concerns of stuttering global growth.

At 16.00, London's leading shares were down 2.12%, or 104 points, to 4,812. Only beleaguered oil giant BP was in positive territory, up 4.75%, after a J P Morgan note highlighted its future value as a takeover target. Financials are leading the dive into the red, with Schroders down 5.03% and Investec falling 4.87%. Meanwhile, the Dow is down 1.37% to 9,639 as disappointing employment, home sales and manufacturing data add to fears global growth is slowing. The Institute for Supply Management's ISM index for June fell to 56.2 from 59.7 in May. On the housing front, the Nation...