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FTSE slides lower with banks

The FTSE opened at 4,477 this morning but slipped from recent highs with pressure on banks and mining stocks.

By 11am, the index was 2 per cent lower at 4,388 with Barclays down 5.2 per cent to 259.25p, Lloyds Banking Group down 3.6 per cent to 67p and Royal Bank of Scotland down 3.9 per cent to 36.60p.

BHP Billiton slipped 3.5 per cent to 1,502p, Rio Tinto dropped 2.7 per cent to 2,970p and Anglo American declined 4.6 per cent to 1,810p.

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