France's banking sector has taken a battering in the markets today, with Societe Generale leading the downward charge. Nicolas Sarkozy's office has even been forced to deny that SocGen executives attended a crisis meeting of the country's ministers this morning.

The situation in France has been febrile all day, as our colleagues at the Wall Street Journal report here: 

. That has been compounded by market rumours about SocGen's solvency in particular.

Chart of the day: carnage in French banks

CDS on the country's banks and sovereign debt have risen as shares have tumbled

Mark Cobley

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