The FTSE began to recover early losses on Thursday after the European Central Bank (ECB) revealed modest take-up of its latest short-term loan facility.
London's leading index had slumped to an intra-day low for 2010 in early trading following murmurs ratings agency Moody's may downgrade the triple-A sovereign ratings on Spain. But the ECB today said 78 banks were granted a lower-than-expected €111.2bn in six-day liquidity to tide them over until next week's regular offer of unlimited seven-day liquidity. This comes on top of the €131.9bn borrowed by 171 institutions in a separate three-month money operation on Wednesday. Taken together, the two operations fall €199bn euros short of the repayment of 12-month funds. The news app...
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