Barclays' share price has performed an extraordinary gyration this morning – first thing it was up 11%, then it was down 11%.
The shares fell as low as 182.5p and are now trading just above that level.
It seems that investors first applauded the bank's plan to raise up to £7.3bn from Middle Eastern funds as a stunning coup that vindicated its decision not to go cap in hand to the Treasury as its competitors have.
But then, as investors digested the terms of today's proposal, scepticism set in that the deal with Abu Dhabi and Qatar could prove worse for shareholders.
As my colleague Jill Treanor notes: "The Middle Eastern investors appear to be extracting a higher price than the UK government."
Barclays investors will get to vote on the deal on November 24. At the moment the share price is suggesting that the bank has a lot of persuading to do.
Here's an early reaction from Collins Stewart analyst Alex Potter, who recommends selling the stock: "We concur with management that 'self-determination' is very valuable. However, the cost of new capital is commensurately high."
Overall the FTSE 100 is now down almost 100 points, touching a low of 4195.15.
