FTSE falls below 6,000 on Moody's downgrade

The FTSE 100 fell below the 6,000 level in mid-morning trading as European markets absorbed Moody's downgrade of Portuguese debt to 'junk' status.

Healthcare, technology and transportation stocks tried to stem the tide in London, but all other sectors posted losses as eurozone debt fears weigh. Moody's warning that Portugal faces a second bail out just months after the country received €78bn in a loan agreement with the IMF and EU sparked today's losses. Shares around Europe dipped in reaction, with the FTSE 100 posting a loss of 0.48% to 5,995 by 10.30am, and the Euro Stoxx 50 dropping 0.66% to 2,832. The falls come despite gains by Asian shares overnight, with the MSCI Asia Pacific Index climbing 0.6% to 137.78, according t...