Morning Markets: Financials falter as Myners announces review

In London, markets opened lower this morning as fears grew over the impact of banking regulation.

The main FTSE 100 index dropped 0.56% to 5,273.21 as Lord Myners announced an independent review into the investment banking sector.

Financials were hit by the announcement, with RBS dropped 1.79% to 34.06p, while Man Group dipped 1.61% to 268.1p.

Wolseley shares climbed after the firm announced it would replace departing CFO Steve Webster with Alchemy Partners's John Martin, up 0.63% to £14.29.

Miners made small gains in early trade, with Fresnillo up 0.49% to 716p, while Rio Tinto added 0.39% to £33.05 per share.

US shares dived on Friday, with investors concerned about President Obama's attempts to reform the banking industry.

On Wall Street, the Dow Jones dropped 2.09% to 10,172.98 by close of business on Friday.

A range of sectors were hit by the news, with American Express diving 8.47% to $38.59, while aluminium giant Alcoa saw shares fall 5.96% to $13.40.

In Tokyo, the Nikkei 225 saw its lowest close for four weeks, down 0.74% to 10,512.69. Computing firms were badly hit after Google announced lower-than-expected profits.