Update: Banks and miners drag FTSE into the red

European markets have fallen further into the red in mid-morning trading on the back of recessionary fears, with the FTSE 100 suffering triple-digit losses.

Shortly after 11am London's FTSE was down 1.9%, or 102 points, to 5,228. Germany's Dax has also slipped further into negative territory and was down 3.1% whilst France's Cac 40 dropped 2.3%. Earlier, the FTSE 100 opened in negative territory as recessionary fears lingered and investors fretted over the possible introduction of a European wide "Tobin tax". London's leading index was down 1.23%, or 65 points, to 5,266, with banking stocks and financials dragging this morning. The index continued a poor run which saw it close 0.5% in the red yesterday. Part-nationalised Royal Bank of...