Eurozone woes resurface to send markets reeling

Markets across Europe fell deep into the red today as the Portugal crisis worsened and investors reacted to a big sell-off in China overnight.

Commodities and banks weighed on the FTSE 100 to send it down over 100 points to 6,199, off 1.7% by 8:55am. Among the worst fallers were Anglo American and Glencore Xstrata, off 4.2% and 4.1% respectively, as fears about the slowdown in Chinese growth continue to hit commodity prices. Barclays was the top faller - off 4.5% - after it was downgraded by Standard & Poor's. Its credit rating was cut from A+ to A alongside two major banks in Europe: Deutsche and Credit Suisse. The ratings agency said the banks faced increasing pressure from regulation and poor market conditions. The ...