Market update - 25 july

The FTSE 100 was down 50.8 points at 5311.5 at 12:05 pm this morning after fresh concern about the mortgage market and the health of a leading US bank hit Wall Street overnight. The Down Jones Industrial Average was badly bruised, down 283.1 at 11349.3 points, after Washington Mutual reported a $3.3bn second quarter loss and analyst said that the unsecured creditors were moving to reduce their exposure to the Seattle, Washington, based lender.