London, New York, Frankfurt and Paris all experienced declines, with much of the focus on the banking sector

Dow ends day down 248 points while slumping oil price and gloom at Davos sends FTSE 100 tumbling officially into bear market territory

• Dow suffers steep falls as FTSE 100 enters bear market – live updates

As leaders gathered in Davos, FTSE 100 was gripped by panic selling and entered bear market with Dow Jones also plunging