Afternoon Markets: FTSE reverses morning rise on Eurozone fears

UK bank shares were being sold off this afternoon, sending the FTSE down 0.3% to 5,532.08 points, as investors fear Europe's debt crisis has not yet claimed its last sovereign victim.

Barclays is 2.5% lower at 256.3p at 1430; Standard Life is down 2.7% at 203.3p; and Royal Bank of Scotland is 2.2% softer at 37.67p. Investors are rotating into German bunds and US treasuries amid fears Ireland's financial crisis could spill into Portugal and Spain and possibly also Italy Yields on Spanish and also Italian government bonds have hit their highest levels since these countries joined the single currency. Concerns over Eurozone debt has also hit Germany's Dax, down 0.5%, and France's Cac 40, which is off 1.1%. Wall Street has also opened lower, down by 0.9% at 10,95...