Stock markets seem to have lost their nerve ahead of the Barack Obama bank bail out and economic stimulus package, news of which is due later.
With fears that the US moves may not be enough - understandable given so much is riding on this - Wall Street has lost more than 100 points, while the FTSE 100 is down 51.53 points to 4256.08. Ryan Kneale, market analyst at City bookmaker BetsForTraders said:
"The markets are down as many traders have fled stocks ahead of the proposed US bailout. There is a real nervousness to trading and the importance of the stimulus package seems to be increasing daily, with everyone hoping it delivers the goods - if not we could be in for a very bumpy ride."
Miners and - yes - bands continue to help push the market lower but there are some bright spots.
British Airways is holding its gains after Merrill Lynch's buy note, up 4.5p to 143.8p.
And there is even a touch of speculation to alleviate the gloom. British Gas owner Centrica has jumped 10.25p to 284p on a revival of the old story that Russia's Gazprom wants to bid for the business. Reports that Gazprom has denied any such thing do not seem to have deflated the bubble.
Defensive stocks are back to the fore, with drugs giant GlaxoSmithKline 27.5p better at £12.61 and rival AstraZeneca adding 50p to £26.37.
