Analysts have cut their end of year forecasts for the FTSE 100 index to reflect the poor performance of global stock markets, but most have stuck with targets well above the FTSE's current position, according to a survey by Financial News.

The index closed on Friday at 4,098 points, down 21% since the beginning of the year. Only Schroder Salomon Smith Barney, with a 21% reduction in its forecast since the start of the year, and ING with a 23% revision, have come close to matching the FTSE.