S&P 500

The FTSE 100 has followed the lead of the US and opened lower this morning, as investors weigh up a gloomy economic update from Federal Reserve chairman Ben Bernanke.

Asian markets were in decline today following the sharp 3% fall for US indices on Friday.

SPECIALIST MARKETS

Miners and banks are driving the FTSE upwards this morning, as London's leading shares continue to rebound on the back of Wall Street's stellar showing yesterday.

Updated 14.30 The FTSE has staged triple-digit gains in afternoon trading as banks lead the upward surge, buoyed by the Bank of England's decision to keep rates on hold at 0.5%.

The FTSE hit a new intra-day low for 2010 in early trading on Thursday following murmurs ratings agency Moody's may downgrade the triple-A sovereign ratings on Spain.

The FTSE 100 index rose by 0.7% to 5063.7 points in early trading led by Royal Bank of Scotland, which edged closer to significant asset sales.

BlackRock vice chairman and chief equity strategist Bob Doll has called an end to the worst of the current equity market correction.

Updated 12.30pm: The FTSE plunged in midday trade after Chancellor George Osborne unveiled details of the coalition government's £6.2bn spending cuts.

US markets plummeted almost 4% yesterday as the fallout from the eurozone crisis continued to escalate.