G20 pledges to 'take all necessary steps' to calm markets

Leaders at the G20 meeting in Washington have rushed to try to calm nerves on financial markets after two days of steep falls.

In a statement following a working dinner, the G20 pledged to "take all necessary actions to preserve the stability of the banking systems and financial systems as required".

The statement was issued far earlier than expected and is a measure of how concerned the group is about the global economy.

Richard Hunter, the head of equities at Hargreaves Lansdown told the BBC he believed any positive impact from the G20 statement "may be short lived".