Stocks slip after Germany dashes summit hopes

US markets are down 1% and the FTSE has moved into the red after the German finance minster dampened hopes for next weekend's EU summit.

The S&P 500 was down 1.2% to 1,210 mid-morning in New York, with the Dow Jones falling 1.1% to 11,517. Citigroup rose 1% after reporting a 74% rise in profits, in part due to a $1.9bn accounting gain, but Wells Fargo, the largest US home lender, fell 6% after its own results showed a year-on-year fall in revenue. In the UK, the FTSE 100 reversed earlier gains to trade down 0.7% in the final half hour of trading, a move likely sparked by German finance minister Wolfgang Schaeuble saying policymakers will not produce a "definitive solution" to the crisis at the weekend summit in Brussel...