Stock markets hit by global rout raising fears for financial sector

Investors buy gold and government bonds and sell shares in banks and companies exposed to lower commodity prices

Panicked investors sought refuge in the safe havens of gold and government bonds on Thursday as a fresh spasm of global selling sent share prices crashing in Asia, Europe and North America.

Banks and companies exposed to lower commodity prices were among the biggest losers in London, where the FTSE 100 Index fell by 135 points, a drop of more than 2%. An index of Britain's banks fell to levels not seen since the depths of the post-Lehman Brothers recession in early 2009.

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