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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/ftse-surrenders-gains-on-spain-debt.jpg"><img class="alignnone size-full" title="The FTSE 100 fell 23.9 points at 5867.1 in early trading" src="http://londonglossy.com/wp-content/uploads/2010/12/min-ftse-surrenders-gains-on-spain-debt.jpg" alt="The FTSE 100 fell 23.9 points at 5867.1 in early trading"/></a></p>
<p>The London market&#8217;s pre-Christmas rally has run out of steam as the FTSE 100 Index fell back from Tuesday night&#8217;s highest close since June 2008.</p>
<p>With little corporate and economic news to drive buying interest, the top flight index surrendered Tuesday&#8217;s gains to stand 23.9 points lower at 5867.1.</p>
<p>One reason for the poor session was a warning from credit ratings agency Moody&#8217;s that it may downgrade Spain&#8217;s debt because of the country&#8217;s high financing needs in 2011 and its shaky banking sector.</p>
<p>This fuelled worries over the sovereign debt exposure of UK banks as Barclays fell 7.65p to 264.35p and Royal Bank of Scotland dropped 0.4p to 41p.</p>
<p>The biggest rise in the top flight came from Lakeside shopping centre owner Capital, which climbed 3% or 10.8p to 407.1p after US firm Simon Property Group wrote to the company outlining its plans for a £2.9 billion takeover.</p>
<p>The move is likely to add to pressure on Capital&#8217;s shareholders to veto the UK&#8217;s firm plans for the takeover of the Trafford Centre in Manchester.</p>
<p>Outside the top flight, the rapid ascent for shares in fashion firm Supergroup juddered to a halt after the company posted maiden interim results.</p>
<p>Profits rose 68% but shares slumped 16% after the Superdry owner warned rising raw material prices could hit earnings next year. Shares fell 265p to 1363p, taking the stock back to the level seen in late October.</p>
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