nikkei 225

UK shares were once again lower this morning, extending yesterday's sharp losses as falls in Asia overnight impacted confidence.

Markets were unfazed by the hefty fines facing financial institutions and posted gains around the world overnight.

Yesterday's relief rally prompted by the Greek election on Sunday failed to translate to Asian markets overnight, as concerns over Spain's economy dominated trading.

European equities have fallen sharply this morning as the rate of Spain's manufacturing contraction increased and soaring eurozone unemployment worried investors.

Asian markets fell more than 1% in some regions overnight, with the wider area set for its biggest monthly drop since the financial crisis of 2008.

Shares in the US and across Asia fell overnight as investors fretted over the outlook for global growth, amid weak data from the US.

Markets in Asia tumbled overnight, with China's domestic market selling off sharply, amid ongoing concerns over the recovery in the west.

Shares across Europe rose in morning trading as the eurozone's decision to back a second €130bn (£109bn) bailout boosted hopes for an economic recovery.

US stocks saw their worst day so far in 2012 yesterday as Greek debt swap concerns and fears over global growth put pressure on markets.

European markets edged lower this morning, echoing falls across Asia overnight, as investors showed caution over the outcome of the Greek debt swap deal.