FTSE sinks on eurozone debt jitters

The FTSE 100 fell below 5,000 in midday trade Friday as fears about the sovereign debt crisis and stricter financial regulations persist.

Shortly after 12pm, the index was down 78 points, or 1.55%, to 4,993.33. In the third straight day of falls, volatile trading saw the index extend its recent losses and briefly touch a seven-month low of 4,982 points, a drop of 90 points or over 1.7%. Oil and bank stocks were hit hard as investor concern grew that eurozone debt and financial regulation tightening could dampen global growth. Banks continued their slide from the previous session, with RBS and Lloyds among the biggest losers at midday. The sell-off came despite news this morning Germany's lower house of parliame...