FTSE falls 1.3% as global stocks slide; BP woes continue

The FTSE 100 has opened 1.3% lower this morning as global indices continue to decline.

Following a 1.7% fall for the S&P 500 last night and a 1.1% drop in Japan today, London's leading index has opened 1.3% behind to 5,096.19. BP's woes continue as it struggles to fight the oil leak in the Gulf of Mexico. After a 13% drop yesterday, the oil giant has retreated a further 3.35% this morning, to 415.6p. it also suffered a 14% drop in US trading. Prudential has opened 3.56% lower after the collapse of its AIA deal, falling to 555p. National Grid and M&S are among the losses after moving ex-dividend, down 3.46% and 3.06% respectively. Defensive stocks are helping to cu...