FTSE dragged down by grim US profit reports

London's leading share index was down 0.37% at 5,954.39 in early trading on Thursday, hampered by disappointing results from US companies and weakness in Asia.

On Wall Street, shares saw their largest one-day decline since November, following companies' weak profit reports. The S&P dropped 1% to 1,281.92 points, the Nasdaq fell 1.5% to 2,725.36, while the Dow Jones closed down 0.11% at 11,825.29. Although IBM rose 3.3%, Apple was down 0.5% while Goldman Sachs, Bank of America, JPG Morgan, American Express and Visa each dropped over 2%. Investor concerns spread to the UK this morning. Invensys took a hit, dropping 5.76%, while Associated British Foods fell 3.59%. British Airways declined 2.47%, RSA Insurance Group was down 2.45% and Fresnillo...