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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/debt-fears-drag-ftse-into-the-red.jpg"><img class="alignnone size-full" title="The FTSE 100 fell 58 points to 5993.1 at midday" src="http://londonglossy.com/wp-content/uploads/2011/02/min-debt-fears-drag-ftse-into-the-red.jpg" alt="The FTSE 100 fell 58 points to 5993.1 at midday"/></a></p>
<p>The FTSE 100 Index has followed world markets into the red as eurozone debt fears resurfaced to impact on confidence.</p>
<p>The cost of borrowing in Portugal hit a euro-era high earlier and reignited concerns the Iberian country would be forced to turn to the European Union for bail-out funds to revive its troubled economy.</p>
<p>The FTSE 100 dropped 58 points to 5993.1, led by the banking sector and miners, while the CAC-40 in France slipped 0.8% and Germany&#8217;s DAX fell 0.4%.</p>
<p>The concerns came as Portuguese 10-year bond yields jumped to 7.35% &#8211; the highest since the launch of the euro in January 1999.</p>
<p>Barclays, which is heavily exposed to the Iberian peninsula, fell nearly 2% or 5.9p to 310.5p, while Royal Bank of Scotland dropped 0.2p to 44p and Lloyds lost 0.4p to 64.95p.</p>
<p>In London, the Bank of England decided to hold interest rates at their historic low of 0.5%, but speculation earlier in the session over the outside prospect of a rates hike spooked investors.</p>
<p>In corporate news, traders were disappointed by half-year results from drinks giant Diageo, which came in short of expectations. Shares fell nearly 5% or 57p to 1196p. </p>
<p>Elsewhere, traders were shaken by a profit warning from Air France-KLM and pulled out of British Airways parent International Consolidated Airlines Group, sending the company to the bottom of the index. Shares fell nearly 5% or 12.9p to 246.7p.</p>
<p>Rolls-Royce was also in the spotlight as underlying pre-tax profits rose 4% to £955 million in 2010, despite a hit of £56 million relating to the mid-air failure of one of its Trent 900 engines on a Qantas superjumbo. The figures were better than expected but shares still retreated 11.5p to 644p.</p>
<p>Hip replacement maker Smith &#038; Nephew saw shares rise after it reported better-than-expected results following a strong performance from its knee and trauma units. The Hull-based firm, whose shares have hit new highs recently following takeover speculation, saw its stock rise 12.5p to 724.5p after it posted a 9% increase in trading profits to 278 million US dollars (£173.1 million) in the final quarter of 2010.</p>
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