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FTSE 100 closes at lowest level in over a year

The FTSE 100 has closed at its lowest level in over 12 months in the aftermath of the decision by Standard & Poor’s to downgrade the US credit rating.

The blue-chip index closed at 5068.95, a fall of 3.39 per cent. European markets also fell with the German Dax down over 5 per cent and France’s Cac 40 down almost 4.7 per cent.

The falls folllow S&P’s decision to lower the credit rating in the US from AAA to AA+, at 5.46pm the Dow Jones had fallen by 3 per cent.

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