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FTSE slips below 4,000

The FTSE 100 has slipped below the 4,000 level after opening 46 points lower at 4,019.18 on Monday’s close of 4,065.49.

By 9.47am, the UK benchmark index had fallen 1.86 per cent to 3,990 following sharp falls on Wall Street last night with confirmation that the US is officially in a recession dampening investor sentiment.

Miners and oil companies led declines with continuing concerns that the global slowdown will strangle commodity profits.

By 9.44am mining behemoth BHP Billiton had declined 4.90 per cent to 1,029p, BP was down 1.61 per cent to 488.75p and Royal Dutch Shell was down 1.82 per cent to 1,616p per share.

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