European equity markets are all lower in morning trading with banking stocks again leading the way. In the UK the FTSE is down 3.3% or 126 pts at 3,703 with HSBC down 11% after announcing its capital raising. This has seen the FTSE fall to a new 6 year low. The DAX is also looking average today, currently off 2.35% or 90 pts at 3,753 with the CAC down 2.75% or 74 pts at 2,628.