Economics / Markets

UPDATE 9am: Global stockmarkets have almost doubled losses seen in early trading on growing concerns the debt crisis in the eurozone may spread to Italy and Spain.

European leaders last night bowed to the inevitable and conceded Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro, according to reports.

Senior European Union (EU) officials are set to meet later on Monday to discuss the eurozone's continuing debt woes.

The FTSE has plunged into negative territory after disappointing US jobs data reignited fears over the economic recovery.

The euro has fallen against the dollar amid sovereign debt concerns and fears Greek contagion could spread to Italy.

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JP Morgan Chase is to pay $228m (£143m) to settle claims it rigged transactions of municipal bonds.

The FTSE has had a bright start to trading with a host of financials enjoying early gains.

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The European Central Bank has hiked its benchmark interest rate to 1.5% as expected.