Top banks set off warning sirens today with forecasts of a $10 a barrel oil price and a mass sell-off as severe as the 2008 market meltdown.
The oil price plunged again to $30 a barrel, and Standard Chartered said it might yet fall to a third of that. RBS told investors to sell almost everything, saying: 'In a crowded hall, exit doors are small. Risks are high.'
The blood-curdling warnings follow a torrid start to the year on financial markets, with billions of pounds wiped off stocks in the UK and elsewhere, as China struggles to control turbulent trading and oil continually spirals lower.
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