FTSE opens on the backfoot this morning

<p>The FTSE has opened on the backfoot this morning, down 25 points from the open and dropping below the key 5700 level. The German DAX […]</p>

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  • The FTSE has opened on the backfoot this morning, down 25 points from the open and dropping below the key 5700 level.
  • The German DAX is down 45 points and the French CAC is down 35 points.
  • Leading the decline are the banks, with RBS and Lloyds both down 2.3% and Barclays down 1.6%.
  • Ratings agency Fitch announced over the weekend the downgrading of Italy, Spain, Belgium, Cyprus and Slovenia.
  • On the FTSE 100, Diageo, Unilever, GlaxoSmithkline and International Power are amongst the risers. With the defensives leading the way, it shows market sentiment this Monday morning.
  • Gold is trading lower at $1,720, after experiencing a strong rally since the start of the year. It appears to have found support at the 1745 level.
  • US crude oil has also dropped to below the psychological 9900 level.

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