Wall Street plummets, but FTSE steady early

The agreed merger with Friends Provident has led Resolution to an early drop of 19 points, or 3.01%, to 612. British Energy Group has had a sluggish start, falling 12.75 points, or 2.5%, to 496.25. SABMiller has started well, as speculation American brewers Molson Coors is looking to find a merger partner, currently up 23 points, or 1.77%, to 1321. Vodafone is also enjoying positive early gains, up 2.6 points, or 1.67%, 158.6. In New York, investor concerns on the weakness in the US housing market drove Dow Jones 226.47 points lower, or 1.62%, to 13716.95. To put the bad day into ...