9th November 2011
The UK's largest businesses have not fared well in early trading today (November 9th), with the FTSE 100 dipping by 0.3 per cent.
Ongoing concerns over the eurozone crisis have weighed heavily on the index, as have updates from a number of the biggest companies in the UK, including HSBC and Admiral.
Admiral's share price fell by 28.8 per cent this morning after revealing a significant fall in full-year profits, while HSBC reported a 36 per cent drop in quarterly profits and shed 3.3 per cent of its value as a result.
Italian government bonds are also proving a sticky issue for investors, with the country's prime minister Silvio Berlusconi becoming the latest high-profile scalp of the debt crisis.
"I don't think a default by Italy has been priced in by the market. Any potential of the yields getting up to seven per cent is a real danger signal," Martin Dobson, head of trading at Westhouse Securities, told Reuters.
Mr Berlusconi has vowed to resign from his position once key economic reforms have been approved.
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