Global markets hammered by poor US data

Disappointing economic figures from the US coupled with a warning over a double-dip recession in the UK have plunged global markets further into the red in afternoon trading.

As at 15.30, the FTSE 100 fell nearly 2%, or 98 points, to 5136, wiping away yesterday's gains by miners and financials. New MPC member Martin Weale stoked economic fears with a warning over the likelihood of a double-dip recession. Additionally, figures from the US showing sales of existing homes plunged 27% in July compared to June also fanned concerns about the strength of the US and global recovery. The figures marked a ten-year low. The Dow is down 1.33% to 10,039 with Boeing, Caterpillar and General Electric the biggest fallers. Vedanta - which is buying a 51% stake in Ca...