US shares open 1.2% down; Treasury yields at lowest since August 2012

Bank shares down more than 8%

US stockmarkets have followed their European counterparts lower, with major indices falling 1.2% at the start of the trading session.

Yields on benchmark US 10-year treasuries fell by 7.3 basis points to 1.487%, which is their lowest level since August 2012. The rush for safe havens also saw 10-year gilt yields drop below 1% for the first time ever in their history, sliding to 0.93% by 10.30 this morning. By mid afternoon, the FTSE 100 was 1.9% lower at 6,020, while the DAX and CAC 40 were also 2% down on the day. Commodities companies were the biggest risers on the UK markets with precious metal miners Fresnillo and Randgold Resources both up more than 8%. However, there have been many huge fallers today, inc...