FTSE opens 2% higher after Dow sheds 500 points on French fears

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The FTSE opened more than 2% higher on Thursday after the Dow Jones shed 520 points lower in overnight trading amid concerns that France would become the next economic superpower to lose its AAA rating.

London's leading index was up 1.5% at 8:37am at 5,082. Overnight, the Dow saw its fifth straight day of a rise or fall of more than 400 points to close at 10,719, a loss of 4.6%. New York's broader S&P 500 index fell almost 52 points, or 4.42%, to 1,120.72. On Wednesday, France's Cac 40 share index ended 5.5% lower despite the French government's assurance that its AAA credit rating was not under threat. While agencies Moody's, Standard & Poor's and Fitch reaffirmed France's rating, analysts said investors were sceptical about the strength of the country's banking sector. Soc...

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