FTSE moves below 5,300 as equities slump again

The FTSE 100 was down 1.9% in mid-morning trading at 5,299, reversing yesterday's 1.9% gain, with France's Cac 40 and Germany's DAX both down 1.7% at 3,032 and 6,323 respectively. Miners led the falls in London after the World Bank cut its China growth forecast for 2012 from 8.5% to 8.2%, its lowest level in a decade. Vedanta and Kazakhmys were the biggest fallers, dropping 5.6% each. Banks across the continent were also under pressure as latest eurozone developments suggested a familiar stalemate is emerging amid reports Germany has again rejected the idea of collective eurobonds. ...