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FTSE 100 falls as banks and oil firms drop London share prices fall back 0.6%
(about 5 hours later)
Falling shares in banks and oil companies weighed on the London market. Share prices in London fell on Monday and the FTSE 100 index closed 41 points lower to 6,799, a drop of 0.6%.
Shortly after midday, the benchmark FTSE 100 index was down 49.08 points, or 0.7%, at 6,791.67. The biggest fallers were Next, down 2.7%; Royal Bank of Scotland, down 2.6%; and BT Group, down 2.4%.
Bank shares across Europe were hit by nerves surrounding Italy's banking sector ahead of a referendum on constitutional reforms next weekend. One issue concerning UK investors is the result of the forthcoming bank stress tests, which will be published by the Bank of England on Wednesday.
Reports suggest several Italian banks could be in trouble if Italian prime minister Matteo Renzi fails to win backing for the reforms. In the FTSE 250, shares in Capital & Counties jumped 8% after an upbeat trading statement.
Royal Bank of Scotland was the biggest faller in the FTSE 100, down 2.7%, while Lloyds was 2.1% lower. Elsewhere in Europe shares fell, dragged down by bank shares.
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. Investors continue to worry that the troubled Italian bank Monte dei Paschi may fail to raise €5bn required to bolster its finances.
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. On the currency markets, the pound fell 0.6% against the dollar to $1.24, and dropped 0.4% against the euro to €1.17.
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.
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 3.6% after the retailer said it had bought the 58-store Go Outdoors chain for £112.3m.
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.