Stock Market Volatility As £48bn Wiped Off FTSE

It has been another volatile day on global stock markets with the FTSE 100 index of leading UK shares closing down 3%. The London stock market was shut on Monday due to a bank holiday but it closed down 189 points to 6059 on Tuesday. Monday's nose-dive followed comments by a senior US central banker that were seen as a sign that borrowing costs may be raised from historic lows as early as this month despite the recent market turmoil over China.