Afternoon markets: FTSE claws back lost ground

The FTSE 100 regained some of the ground it lost today in late trading, but still closed down 0.8% lower at 5,211 points.

European markets were also lower, with France's Cac 40 off 1.4% at 3,582, while the Dax in Frankfurt was 0.97% down at 6,149.

The Dow Jones followed Europe in early trading, 1% lower at 10,261.75 points.

In London, mid-cap Gartmore was down 5.7% at 103.8p. It fell 8% to 101p in early trading on news former star manager Guillaume Rambourg had resigned.

Elsewhere among financial stocks, Fidelity China Special Situations is up 1% to 100.2p after manager Anthony Bolton spoke to journalists this morning.

Miners failed to recover much ground after their outlook was clouded overnight by a report showing slowing GDP growth in China, the world's largest consumer of raw commodities.

UK major miners started the day down between 2% and 3%. By mid-afternoon, BHP Billiton was off 1.5%; Vedanta Resources was 2.5% lower; Xstrata was 2.8% down; and Kazakhmys was 2.7% down. Rio Tinto is still 3.7% lower.

Essar Energy is up 2.9% at 441.5p on news its Indian subsidiary will buy a local coal-fired power plant project.

Similarly, Experian continues this morning's climb, up 1.9% at 645.5p, after announcing second quarter revenues grew 7%. Charles Stanley reiterated its buy recommendation.

GlaxoSmithKline rose 1.5% to £11.99 after the US Food and Drug Administration agreed to allow its diabetes drug Avandia to stay on the market.

Glaxo is paying out £1.57bn to settle legal claims, one of which involves Avandia.

BP is down 0.4% on news US politicians are trying to ban it winning further offshore US drilling leases for seven years.