European markets rebound after S&P downgrade

The FTSE clawed back some of yesterday's losses in early trading despite losses in the US following Standard & Poor's downgrade.

The FTSE 100 opened up 0.5% or 29.58 points, at 5,899.66, after posting a 2.1% loss yesterday. European markets have also rebounded with the French Cac up 0.49% to 3,900 and the German Dax ahead 0.41% to 7,056. Overnight in the US the Dow Jones fell but not as sharply as expected, dipping 1.1% or 140 points to 12,202. Analysts expected the market to post heavy losses after Standard & Poor's cut its US outlook to "negative", putting the country's prized triple-A credit rating in danger of bring downgraded. In Asia, the Nikkei dived 1.2% to 9,441, a three week low on the back of S...