London afternoon: Undermined by German bank collapse (ShareCast)

LONDON (ShareCast) - Technology stock Autonomy is the sole Footsie stock in the blue today as the market shifts sharply into reverse following the collapse of Hypo Real Estate (Xetra: 802770 - news) in Germany amid fears of more problems to come in Europe and elsewhere. Predictably banks are getting it in the neck but fears of a worldwide recession and the effect it is likely to have on demand for minerals is hurting miners even more, with Kazakhmys (LSE: ) leading the sector lower. Ukraine-based miner Ferrexpo (LSE: FXPO.L - news) is holding up reasonably well, however, after its majority shareholder Fevamotinico sold a 20.8% stake Ferrexpo to Czech coal producer New World Resources at 83p per share. Following the sale Fevamotinico, which is run by Ukrainian billionaire Kostyantin Zhevago, will own 51% of Ferrexpo while... [read full story]