FTSE suffers triple-digit losses on Italy worries

Despite the news Italian prime minister Silvio Berlusconi is poised to resign, investors sold stocks across the continent as Italian bond yields spiked to record highs above the crucial 7% level. The jump to 7.4% this morning put pressure on stocks as investors fretted Italy could end up in a similar situation to Greece. Shares plunged in response, with the FTSE 100 down 1.6% or 96.54 points, at 5,470. In Europe shares also retreated, with the German Dax down 1.9% at 5,850, and the French Cac 40 off by the same amount at 3,082.6 points. Last night Berlusconi pledged to step down...