FTSE drops below 5,000

The FTSE 100 fell just under the 5,000 mark in early trading, down 1.44% to 4998.5, as investors reacted to falls for global markets in the US and Asia overnight.

Heightened concerns about global growth prospects and the eurozone crisis sent investors rushing for safe haven assets. Poor data from Asia and the US overnight helped spook investors. Japan said on Tuesday its unemployment rate had unexpectedly risen and industrial production had fallen in May. Meanwhile, the New York-based Conference Board revised down its April leading indicator for the Chinese economy from a gain of 1.7% to just 0.3%. In London, AstraZeneca was the only winner in early trade, up 0.14% to 2965.50p, but miners in the red. BP fell 2.60% to 300.25p, after recoup...