US stock markets sank in early trade on fears the bailout of insurance giant AIG would not be enough to dispel the gloom engulfing the financial world.
AIG's rescue and a potential takeover of UK lender HBOS had earlier boosted confidence in Asia and Europe.
But markets were volatile as nervous investors tried to make sense of the dramatic events that have unfolded in recent days.
The widely watched Dow Jones industrial average was down 1.9% at 10,849.
The FTSE 100 index of top UK shares was down 0.48% at 5,001.4, reversing earlier gains.
UK banking shares saw the most volatile trade.
Top UK mortgage lender HBOS, which has faced heavy selling this week, fell as much as 50% before recovering after it emerged that it was in advanced talks to be taken over by Lloyds TSB. - BBC News
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