Markets hit as S&P drops Italy credit outlook

Italy came under the spotlight over the weekend after Standard & Poor's changed its credit rating outlook for the country from "stable" to "negative". The FTSE 100 was down 1.64% at 5,851.08 in early trading, with mining and commodities stocks particularly hard hit. John Wood Group was down 5.29%, while Antofagasta and Anglo American were down 3.73% and 3.49% respectively. Meanwhile, the Dax was down 1.69% at 7144.17, with the Cac at 3922.45, down 1.71%. Europe's ongoing sovereign debt crisis also hit Asian stocks overnight, with Japan's Nikkei 225 dropping 1.52% to 9460.63.