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FTSE 100 falls as banks and oil firms drop FTSE 100 falls as banks and oil firms drop
(about 4 hours later)
London's benchmark share index opened lower, with banks and oil companies among the main fallers. Falling shares in banks and oil companies weighed on the London market.
In early trade, the FTSE 100 was down 54.63 points, or 0.8%, at 6,786.12. Shortly after midday, the benchmark FTSE 100 index was down 49.08 points, or 0.7%, at 6,791.67.
Shares in oil giants Royal Dutch Shell and BP were both down by about 1.5% as the price of oil remained under pressure ahead of a meeting of the Opec oil producers this week. Bank shares across Europe were hit by nerves surrounding Italy's banking sector ahead of a referendum on constitutional reforms next weekend.
Reports suggest several Italian banks could be in trouble if Italian prime minister Matteo Renzi fails to win backing for the reforms.
Royal Bank of Scotland was the biggest faller in the FTSE 100, down 2.7%, while Lloyds was 2.1% lower.
The UK banking sector is also waiting for the results of the latest bank stress tests, which will be published by the Bank of England on Wednesday.
Shares in oil giants Royal Dutch Shell and BP were both down as the price of oil fluctuated ahead of a meeting of the Opec oil producers this week.
Oil prices had fallen 3% on Friday, and they slid again on Monday before recovering.Oil prices had fallen 3% on Friday, and they slid again on Monday before recovering.
Opec is meeting on Wednesday, but it remains uncertain as to whether the group will agree cuts to oil output in order to rein in global oversupply.Opec is meeting on Wednesday, but it remains uncertain as to whether the group will agree cuts to oil output in order to rein in global oversupply.
Shares in Royal Bank of Scotland fell 1.7% while Barclays dropped 1.5%. The results of the latest bank stress tests will be published by the Bank of England on Wednesday. Retail shares were also under pressure on Monday. Shares in Marks and Spencer fell 2.7% while Next was down 2.5%.
In the FTSE 250, shares in JD Sports rose 3.3% after the retailer said it had bought the 58-store Go Outdoors chain for £112.3m. In the FTSE 250, shares in JD Sports rose 3.6% after the retailer said it had bought the 58-store Go Outdoors chain for £112.3m.
On the currency markets, the pound rose 0.3% against the dollar to $1.2511, but fell 0.4% against the euro to €1.1728. On the currency markets, the pound fell 0.7% against the dollar to $1.2398, and dropped 0.8% against the euro to €1.1683.