The FTSE 100 is now in the black in early trading after falling 1% on opening, after S&P's downgrade of US debt sparked a further share sell-off across the globe.
The index of leading shares opened down more than 1% but recovered swiftly and by 8.30am was up 0.7% or 40 points to 5,287. Miners and the oil majors had been the main drag on the index after another sharp fall in the price of oil. Brent crude shed 1.8% in early trading, hitting $107.4 per barrel, but the real loser continued to be WTI which slumped a further 2.6% to just $84.6. Oil fell as hedge funds reduced bullish bets on crude after the US downgrade. However, by 8.30am miners had started to recover and financials also posted gains as they recovered from last week's sell-off...
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