Market update: FTSE 100 crashes below 5000

19th August 2011

On the Guardian website's live markets blog gold is reported as having broken through $1,865 an ounce as investors scramble for safe haven assets. 

Blogger Julia Kollewe writes that European bourses are also trading at lows. "Things are clearly taking a turn for the worse again. Germany's Dax has hit its lowest level since February 2010, falling 2.2%, while the Cac in Paris is down 2.5%.

The euro has fallen 1% against the Swiss franc to 1.1259 francs.

She notes that the only two risers on the FTSE 100 were – Autonomy and ARM, which makes chips for iPhones. "Shares in Spain, Italy and Portugal are now down between 2.4% and 3%."

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