Markets dip as horror quarter comes to a close

UK and European indices have opened 1% lower as markets look set to post bigger quarterly slumps than at the height of the Lehmans crisis.

The FTSE 100 was trading down 1.8%, or 95 points, at 5,101 mid morning in the final session of the quarter, while in Germany the Dax was down 3% at 5,469, and France's Cac 40 was off 2.2% at 2.962. At the end of trading Thursday the UK's blue chip index was down 12.4% since the start of July, but today's fall has pushed the FTSE 100 down 14% for the quarter. This compares to a fall of 12.9% in the third quarter of 2008, when the collapse of Lehman Brothers hammered shares. Markets subsequently lost a further 9.5% in Q4 2008, and a further 11% in the first quarter of 2009. Meanwhile...