Indices around the world have suffered more than 30% losses this year, with the FTSE 100 losing a third of its value, its worst performance since it began in 1984, while Italy's main index recorded a halving in value by the close of the year.

At lunch time, the FTSE 100 finished the last session of 2008 down 32% for the year at 4421.3, marking the end of six years of year-on-year growth. The index finished the year at levels last seen in May 2004.