Financials weighed down the FTSE 100 shortly after opening this morning as Barclays and RBS led the losers, with the sector sinking 2.91% and the index dipping 51.98 points (1.25%) to 4,097.66.
Barclays fell 5 points (4.71%) to 101.10 against ratings agency Moody's cutting the long-term ratings on the bank by two notches to Aa3, anticipating significant further losses due to credit-related writedowns and rising impairments. Beleaguered bank RBS tumbled 0.80 points (3.64%) to 21.20 following an announcement by the Dutch Finance Ministry that Abn Amro is interested in buying back some its former operations as part of a new strategy. Meanwhile Rio Tinto leapt 64 points (4.25%) to 1,570 as speculation on Chinalso acquiring minority interests in the miner's operating businesses con...
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