S&P 500

Woeful economic data in the US and a three notch downgrade of Greece's credit rating saw global markets tumble overnight.

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The dollar has plummeted to a 16-month low against the euro as markets expect the Federal Reserve to signal it will hold interest rates.

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US stocks closed lower on Friday despite a strong labour market report for February, as the oil price continued to rise, driven by continuing turmoil in Libya.

Most European bourses look cautiously positive in morning trading ahead of the US non-farm payrolls data for February.

Ongoing disruption in the Middle East and the higher oil price has dragged on global markets, with many seeing losses of more than 1%.

Persisting unrest in Libya has dragged global markets down, with London's leading share index dropping back below the 6,000 mark reached yesterday afternoon.

London's leading share index had a sluggish start this morning, while European markets fell on uncertainty over the Middle East and oil supply.