New photo Stock market meltdown: The FTSE heads for its worst December since 2002

Stock markets on both sides of the Atlantic are heading for a dismal end to the year amid a toxic cocktail of rising interest rates, a global downturn and Brexit fears.

The FTSE 100 has fallen 3.8 per cent so far this month, wiping £57.5 billion off the value of Britain's leading companies and putting it on course for the worst December since 2002.

The sell-off on Wall Street has been even more brutal, with the Dow Jones Industrial Average down more than 10 per cent this month, setting the scene for its worst December since 1931 during the Great Depression. 

Stock markets on both sides of the Atlantic are heading for a dismal end to the year amid a toxic cocktail of rising interest rates, a global downturn and Brexit fears

Traders are normally in jubilant mood as the year comes to an end – the so-called festive 'Santa Rally' – and in the past two decades the Footsie has ended December lower on only four occasions. But the rout this year has left investors licking their wounds and fearful of the future.

The index is now on track to have closed up in fewer months this year than at any point since the financial crisis in 2008. The gloom in markets accelerated after the US Federal Reserve hiked interest rates this week, making borrowing costs more expensive in the world's biggest economy and sparking fears over companies' debts. 

The oil price has also been sliding. Brent crude fell more than 4 per cent yesterday, to below $55 a barrel for the first time in more than a year. 

Danny Cox, of investment firm Hargreaves Lansdown, said: 'There has been no sight of a Santa Rally as investors have battened down the Brexit hatches. The mood has further darkened with a Fed rate rise.'

The oil price has also been sliding. Brent crude fell more than 4 per cent yesterday, to below $55 a barrel for the first time in more than a year

Brexit fears are thought to have left many foreign investors unwilling to put cash in the UK until there is certainty about our relationship with Europe. On a global level, the trade war between the US and China is thought to be damaging growth by making exporting more difficult.

A sorry year for Bitcoin 

Punters who bought crypto-currency bitcoin last Christmas hoping for a windfall will be counting the cost after it suffered one of the biggest crashes in history.

The market has slumped from almost £265 billion to less than £57 billion since it peaked a year ago.

Bitcoin hit an all-time high of almost $20,000 in mid-December 2017, but now is currently worth $4,040.

And in the eurozone, signs of an improvement at the start of the year faded away. The German economy slammed into reverse during the third quarter, and its manufacturers are deeply gloomy about what lies ahead.

Italy has been hit by a confrontation between its anti-establishment government and Brussels, and French ministers have admitted the country is suffering from the 'yellow vest' riots.

However, some analysts do see a silver lining amid the gloom.

Michael Browne, of investment firm Martin Currie, said: 'It's been a shocking year, something of an annus horribilis for almost every asset class.

'But if the world doesn't fall apart, equities are now very cheap. If you look at the UK, a number of areas could bounce very hard in the event of an end to the Brexit turmoil.

'They include housebuilders, as well as some of the mortgage and challenger banks.'

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News Pictures Stock market meltdown: The FTSE heads for its worst December since 2002

You don’t have to pack away your bikini just because you’re the wrong side of 20. These body-beautiful stars reveal their secrets to staying in shape and prove you can smoulder in a two-piece, whatever your age. Read on and be bikini inspired!

TEENS
Hayden Panettiere
Size: 8
Age: 18
Height: 5ft 1in
Weight: 8st

To achieve her kick-ass figure, Hayden – who plays cheerleader Claire Bennet in Heroes – follows the ‘quartering’ rule. She eats only a quarter of the food on her plate, then waits 20 minutes before deciding whether she needs to eat again.

Hayden says: “I don’t have a model’s body, but I’m not one of those crazy girls who thinks that they’re fat. I’m OK with what I have.”

Nicollette says: “I don’t like diets – I see it, I eat it! I believe in eating healthily with lots of protein, vegetables and carbs to give you energy.”

kim cattrall

Size: 10-12
Age: 52
Height: 5ft 8in
Weight: 9st 4lb

SATC star Kim swears by gym sessions with Russian kettle bells (traditional cast-iron weights) and the South Beach Diet to give her the body she wants. To avoid overeating, Kim has a radical diet trick – squirting lemon juice on her leftovers – so she won’t carry on picking.

Kim says: “I am no super-thin Hollywood actress. I am built for men who like women to look like women.”
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