Leading shares have gone sharply into reverse, as a number of worries rear their heads to spook investors.
In Dubai, there are reports of a hefty loss at the troubled Nakheel, not to mention a downgrade on six Dubai-linked businesses by ratings agency Moody's. Greece is also on the bear's radar on concerns about its economy, while news that shares in financial group Fortis have been suspended has also soured sentiment. On top of that, there are poor German industrial production figures.
So after an early gain the FTSE 100 is now down 54.40 points at 5256.26, with Royal Bank of Scotland still taking the wooden spoon, down 2.3p to 30.7p. The London Stock Exchange is 30p lower at 710p on Dubai worries.
Even the miners which had earlier been in demand have been abandoned, with Antofagasta 13.5p lower at 907p.
The US futures are also negative, with an opening fall of 60 points predicted.
