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UK Stocks Flash-Crash As BP, Banks Plunge

Chatter of a fat-finger trade, then exaggerated by the algos, has smashed UK's FTSE 100 lower instantly this morning, dragging major firms with it...

  • *HSBC DROPS 4.8% IN UK TRADING, QUICKLY REBOUNDS TO 2.3% LOSS
  • *BP DROPS 4.7% IN UK TRADING, QUICKLY REBOUNDS TO 1.8% LOSS

As with all these plunges, the machines BTFD but the rebound is weak.

As Bloomberg noted:

  • *FTSE 100 SUDDENLY DROPS TO LOWS, FALLS 1.9%

 

More desk chatter seems to confirm a massive seller dumped a basket of FTSE 100 stocks at 0744ET

 

Charts: Bloomberg