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Germany's credit rating warning

Germany and the Netherlands have been put on negative ratings watch by Moody's. It is after increased fears about Spain's economy sent markets tumbling after news that the country was pushed deeper into recession and a step closer to a formal bailout

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Nearly £30bn wiped from value of FTSE index

The FTSE 100 Index fell 117.9 points, or 2.1%, to 5533.9 amid worries that a raft of Spanish regions were poised to ask for government bailout funds, increasing the likelihood that the country itself will turn to the EU for help.

The fall wiped nearly £30 billion from the value of London's leading shares index, with all 100 companies losing value and banks falling up to 4%.

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