The UK's index of leading shares initially dropped more than 240 points before recovering slightly to 4,876.56 shortly after the market opened at 8am. In Europe, shares fell in Italy, Germany and France.
Earlier Asian shares fell as deteriorating credit markets prompted European governments to pledge bailouts for troubled banks.
Japan's Mitsubishi UFJ Financial Group and Australia's Macquarie dropped more than 6pc after Germany agreed on a $68bn package for Hypo Real Estate Holding and Britain said it's ready to support its banks.
Sumitomo Metal Mining lost 4.1pc after copper and gold prices sank amid concern a $700bn US bank bailout won't prevent a slowdown in global economic growth.
"It will probably be a rough week for global investors as they realize the credit crisis has a long way to play out," said Frederic Dickson, who helps oversee $25bn as chief market strategist at DA Davidson & Co. in Lake Oswego, Oregon.
"US action was an absolutely essential first step, and global intervention is needed."
The broader MSCI Asia Pacific Index fell 2.8pc to 101.68 in Tokyo and is poised for its lowest close since July 27, 2005. The Standard & Poor's 500 Index futures fell 1.6pc, while the euro fell 0.9pc to $1.3642.
Japan's Nikkei 225 Stock Average fell 3.3pc to 10,575.04. Mitsui Fudosan, the country's largest real-estate company, tumbled after UBS AG slashed its recommendation.
All markets open for trading in Asia declined, with benchmark stock indexes in South Korea, Taiwan and Australia falling more than 3pc.
http://www.telegraph.co.uk/finance/markets/3143690/FTSE-100-falls-as-global-banking-crisis-deepens.html
JPTF 2008/10/06
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