London - The Financial Times Share Index (Footsie) opened more than 5 per cent down in London Thursday, reflecting recession fears and concern about the impact of this week's massive bank stabilization package, analysts said.

The FTSE 100 Index fell by 211.6 points to 3,868, after closing 7 per cent down Wednesday.

Analysts said markets were nervous about recession indicators and the apparent continuing reluctance of banks to lend to each other.

"There is a lot of talking but little action," one analyst said. (dpa)