FTSE dips below 6,000 on Portugal 'junk' update

Natalie Kenway
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The FTSE 100 fell in mid-morning trading on Wednesday as European markets absorbed Moody's downgrade of Portuguese debt to 'junk' status.

Healthcare, technology and transportation sectors boosted the London index but all other major sectors posted losses as eurozone debt fears remain a concern and contagion risk spooks investors. Moody's exacerbated fears after warning Portugal faces a second bail-out just months after the country received €78bn in a loan agreement with the IMF and EU. In reaction, shares around Europe dipped, with the FTSE 100 posting a loss of almost 0.5% to 5,995. Elsewhere, the German Dax dropped 0.3% and the French Cac fell 0.4% lower. Asian shares were generally flat overnight, with only the Ni...

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