FTSE 100 index hits three year low amid global slowdown fears

London's FTSE 100 index today fell to its lowest level for three years as the market continued to be hit by sharp falls in banking stocks and fears over global growth.

Stocks in the UK's leading banks came under pressure amid concerns over their ability to withstand a slowdown in the global economy.

Dropping 1%, the FTSE 100 index is now at levels not seen since 2012.

The index has now fallen on 17 days out of the 27 trading days since the start of the year.

Stocks down

Stocks up

Elsewhere in Europe, Germany's DAX and the Cac 40 in France were both down more than 1%.

The falls followed a punishing session in Asia, where Japan's market sank 5.4% as it digested the potential threat of more global economic gloom.

The pound was up a cent against the dollar at 1.44, while the pound was down a cent against the euro at 1.28.