FTSE cautious over eurozone crisis

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Unsettled investors moved cautiously around the London market today after renewed fears over the eurozone debt crisis triggered a massive sell-off across the globe.

The FTSE 100 Index saw more than £33bn - 2.2 per cent - wiped from its value yesterday as traders fretted over Spain’s ability to keep on top of its spiralling debts.

London’s leading shares index showed no signs of rebounding this morning as it opened just 10 points ahead at 5604, following declines of one per cent in Japan and Hong Kong overnight.

Spain will remain in focus as its borrowing costs are close to unsustainable levels, with 10-year bond yields sitting around 5.9 per cent, while Italy’s are not far behind at 5.6 per cent.