Insurers drag down FTSE 100

As at 9:00am, Legal & General and Aviva were two of the biggest losers in terms of percentage loses after both had rallied yesterday. The biggest gainer was miner Rio Tinto, which climbed by over 10% following the announcement that it would cut 14,000 jobs. This cull, which represents 13% of its workforce, is part of a strategy to reduce the firm's debt by $10bn. Across the Atlantic, there remains widespread speculation that the US House of Representatives could vote today on a $15bn bail-out of car makers Ford, General Motors and Chrysler. The Dow Jones closed down 2.72% at 8,691.33; t...