Headline shares continued to trade lower at lunch, as markets felt the knock on effects of a manufacturing slowdown in China coupled with talk of a credit downgrade in Spain. As lunch approached, the FTSE 100 was trading down 44.7 points at 4872.13, the FTSE 250 was down 148.91 points at 9217.21, and the FTSE Smallcap was off 26.72 points trading down at 2664.18. US stock futures are pointing to a lower start on Wall Street this afternoon.

LONDON MARKETS

In London, shares continued to trade lower at midday with investors absorbing further global sell offs after China reported a slowdown in manufacturing. Eurozone woes also weighed heavily with news that Moodys was reviewing Spains AAA rating.

Schroders led the way on the losers table, down 3.5% at 1170p as lunch approached. British Airways (LON:BAY) was in close proximity losing 2.76% at 190.6p. Tesco saw a drop of 2.6% to trade at 370.15p, with Legal and General off 2.54% at 76.65p. Barclays was another loser during morning trades falling 2.49% to trade at 263.8p. Whitbread, Petrofac, Canival, Lonmin and Rolls Royce made up the remainder of the top 10 losers board on the main index. Whitbread (LON:WTB) lost 2.34% to trade at 1376p, with Petrofac (LON:PFC) down 2.28% at 1159p.

On the up side, Fresnillo (LON:FRES) traded briskly to see rises of 1.68% at 996p, with Cable and Wireless another notable gainer up 1.67% to trade at 88.05p. BP was up a shares over 1.2% trading at 322.85p, with Intertek rising 0.83% to trade at 1455p

BT Group (LON:BT.A) has launched the UK's 'best value deal' for Sky Sports 1 and Sky Sports 2 for just £16.99 a month. BT says it heralds a new era of competition in pay-TV. BT Vision customers can add the channels for the simple monthly price on a month-by-month contract. If they only want to add either one of Sky Sports 1 or Sky Sports 2 they can do so for only £11.99. Shares in BT traded down 2.23% at 127.2p, with shares in BSkyB trading down a penny and a half at 699p.

Greene King (LON:GNK) traded marginally higher at 394.4p after reporting record revenue of £984.1m for the year to 2nd May, up 3.1% on the previous…

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