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EMU stance triggers bearish wave

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London's FTSE-100 Share Index dropped sharply yesterday, as fears over the British Government's stance on European economic and monetary union (EMU) prompted a wave of bearishness.

Share markets in Europe opened with a plunge, although most recovered some composure by midday.

HSBC was among the biggest losers in early trading, as the 4.63 per cent drop in Hong Kong stocks added to the selling pressure on London shares.

Within the first few minutes of the opening, the FTSE-100 was down about 2 per cent, before recovering some ground to end 60.1 points lower at 5,211.

Shares in HSBC were off almost 2.5 per cent in mid morning trading but by the end of the session had rebounded to close almost unchanged.

Standard Chartered was more than 1 per cent weaker at one stage but also managed a late recovery.

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