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FTSE slump continues as index spirals towards 6,000

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The FTSE 100 has continued to sell off in early trading on Monday following further falls in Asia, as investors continue to dump stocks on fears QE will be withdrawn in the US.

A sell-off sparked a month ago by Ben Bernanke, chairman of the Federal Reserve, has taken a number of indices into bear market territory, and this morning it continued to impact the UK and other markets.

By 10am, the FTSE 100 was off 0.6% or 40 points at 6,076, having declined steadily since 22 May when Bernanke made his announcement regarding a curtailing of stimulus later this year.

Since the May peak of 6,840 points, the index has shed over 11%.

European indices were also in the red this morning, with the French CAC 40 and German DAX down 1.1% and 1.2% respectively.

Overnight, Asian markets had already dropped amid further fears about a slowdown in China which appears to be getting worse.

Goldman Sachs cut its growth forecast for the country, prompting a big fall for Chinese stocks, with Shanghai’s Shenzhen CSI 300 index off 6.3% to close firmly in bear market territory having fallen over 20% since a peak of 2,644 in late May.

The Hong Kong Hang Seng index also fell 2.2%, while other Asian indices were weaker, with the Nikkei 225 down 1.3%.federa

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