Around the World's Markets: LONDON

Shares fell sharply over a wide front, after worries about Asia, the strong pound and fears of higher US interest rates. The market's valuation slumped by pounds 27.58bn with Footsie constituents accounting for pounds 24.3bn. The blue chip index lost 134.9 points, its second-biggest fall this year, to 5,852.5. Pound-sensitive shares led the retreat with British Steel off 10p at 140p and Rolls-Royce down 13.25p to 264p. The Asian turmoil cut banking giant HSBC 63p to 1,447p.

See Market Report, page 23