FTSE

Markets have broken their three-day rally this morning, forced down by concerns some countries will be forced to take larger writedowns on Greek bonds.

A strong hint from the European Central Bank it will cut interest rates next month has buoyed markets in early trading, following sharp gains in the US and Asia overnight.

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Heavy selling dominated the early trades on London's FTSE on Thursday after the Federal Reserve painted a gloomy picture of the global economy.

Operation Twist - the Federal Reserve's latest attempt to boost economic growth in the US - sent markets globally tumbling overnight, with major indices in the US and Asia shedding up to 3%.

London's blue chip index remained in the red mid-afternoon despite gains in the US, with investors cautious ahead of the all-important meeting of the Fed in the US.

"The future is not about equities, the future is about income." So said Stephen Drew, head of credit at Thames River, at the group's annual investment conference last week.

The FTSE has opened trading in positive territory amid signs European policy makers are moving to stem the eurozone debt crisis.

The FTSE 100 has slipped back into the red mid morning as poor performance from the banking and mining sectors weighed on the index.

Banks led markets sharply lower in early trading but their shares have now stabilised as markets digest the long-awaited Independent Commission on Banking report.