The FTSE 100 fell more than 2% in early trade, and by the close was still down 133.22 points, or 1.97%, at 6,620.48.As it is, we are merely back to where we were at the beginning of the year, as this graph demonstrates:
Furthermore, the recovery has already begun in Asian markets:
In Japan, the Nikkei 225 share index was up 0.36% at 20,181.55 points.
In Australia, the benchmark S&P/ASX 200 was up 0.25% at 5,436.10 after closing down more than 2% on Monday.
In South Korea, the benchmark Kospi was up 0.25% at 2,065.69 after suffering its biggest daily percentage fall since late May on Tuesday.
In Hong Kong, the benchmark Hang Seng index was in positive territory however, up 0.54% at 26,100.74.