FTSE sheds gains as investor jitters return

Major indices across Europe have opened lower this morning, reversing gains made yesterday as the IMF cut Chinese growth forecasts.

The FTSE 100 was off 1.2% or 80 points at 6,681 points, on a day which saw just two companies on the UK's blue chip index make any gains. Mining stocks were particularly affected after the IMF trimmed its 2013 China growth forecast from 8% to 7.75%. Despite the drop, the index remains on course to complete its twelfth month of consecutive gains following a positive start to May. Other indices across Europe were also in the doldrums this morning, with the French CAC 40 down 0.9% at 4,013 points, and the German DAX off 0.8% at 8,410. Shares in Asia were also muted in overnight wit...