Japan's Nikkei 225, China's Shanghai Composite Index and a host of other stock markets in Asia fell more than 2pc as investors began to digest President Obama's proposals. The Dow Jones Industrial Average closed down 2pc at 10389.88 in New York on Thursday while London's FTSE 100 was also finished 1.6pc lower at 5,335.10.
All eyes will be on New York when markets open later today.
President Obama's pledge on Thursday to end the "excess and abuse" and a "binge of irresponsibility" in the financial system, shook shares in banks. The largest US banks suffered the biggest blows, with JP Morgan Chase off 7pc, Bank of America 6pc lower and Goldman Sachs down 4pc.
SMW is busy today but will try and write more about this later.