The FTSE 100 plummeted by three per cent this morning to lose more than £44billion in value the space of less than an hour - and has now seen around £100bn wiped since the start of 2016.
The sell-off today has been sparked as oil prices are once again falling.
Shell heightened investor fears by slashing its earnings forecasts by half for 2015 this morning.
The oil giant had already confirmed it will axe 10,000 jobs as it buys rival BG Group, and is now looking to make a further £2.1bn of further savings this year - underlining the dismal market conditions.
Shell's shares dropped by four per cent after the update.
UK Express
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