Having made its disappointment with the size of the Bank of England's cut quite clear, the FTSE 100 is now in negative territory and retailers are having a particularly torrid afternoon.
Currently down around 29 points, or 0.5%, at 6465, the FTSE has wiped out all its early gains.
Banks and fellow financial stocks are still riding on the good news out of RBS - up 3.5% to 482p - but there are some big retail names headed hard in the other direction. The sector is hogging the limelight again with more signs the credit squeeze is sparking high street grief.
Though the BoE rate cut may be taken as a small boost to spending ahead of Christmas, plenty of retailers are under pressure, including Home Retail Group, DSG International, Next and Marks & Spencer.
Among the bluechips, Kingfisher is the afternoon's biggest loser. The B&Q owner is down 6% to 148.9p. Lehman Brothers today cut Kingfisher's price target to 180p from 238p.
Small-cap fashion group Alexon has also joined the list of retail casualties. Its warning it will miss City profit forecasts has sent the shares plunging more than 10% to 96.25p.
The group, which owns Bay Trading and brands such as Ann Harvey, said sales have slumped in recent weeks.
Moving to the mid-caps, Debenhams is the FTSE 250's biggest faller, its shares down 11% to 79.75p. Deutsche Bank added to pressure on the stock by cutting its price target to 97p from 120p.
But there is one bright spot in the retail sector this afternoon. Theo Fennell is headed higher after its interim results showed a 29% increase in pre-tax profits and it announced a new chief executive. The jeweller to David Beckham and Elton John says Pamela Harper would start immediately, bringing almost three decades in luxury goods, including at Burberry, Escada, Hermes and Jaeger.
Andrew Wade at Seymour Pierce says now is an excellent opportunity to pick up stock in Theo Fennell, which has seen its share price fall 51% from the peak in January. He lauds the chief executive appointment.
"This is a real coup for the business - Pamela has vast experience in the luxury goods sector, having been managing director of both Escada UK and Hermes, and playing a major role in the turnaround at Burberry. This appointment should mark a step-change in the drive to establish Theo Fennell as an international marque," he said.
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