FTSE dips on eurozone fears and slipping commodities

The FTSE 100 dipped today as jittery investors lost confidence in commodities and remained nervous over the eurozone debt crisis.

With raw material prices dropping amid concerns over a slowdown in China, riskier assets were being shunned.

Shares in commodities giant Glencore fell as much as three per cent on their Hong Kong trading debut after a record dual listing.

It was dented by concerns over valuations and the outlook for commodities after a lacklustre start in London yesterday.

Meanwhile official UK GDP data showed that the economy's growth rate had remained at 0.5 per cent in the first quarter - in line with analysts' estimates.

On the FTSE 100 this morning the biggest riser was private equity 3i Group, up 2.82 per cent, after it was upgraded to buy by Evolution Securities.

The finance sector overall enjoyed a lift with Barclays and HSBC up around 0.3 per cent in early trading along with RBS.

Insurer Standard Life also edged up with property company Hammerson.

The property sector saw a mixed picture with Shaftesbury falling back despite recording a rise in net asset vale, while Quintain rose slightly.

Retailer Next was the biggest faller on the blue chip index - down two per cent after going ex-dividend. Amec and International Power also dropped for the same reason.

Chip maker Arm Holdings was down 1.89 per cent while Smiths Group lost 1.5 per cent.

In UK companies news retailer JJB Sports saw its shares dive by eight per cent after it reported mounting losses which cast a shadow over its restructuring plan.

Cable & Wireless Communications dived 7.6 per cent after saying that it is "cautious" on the outlook for the Caribbean.

On the up side corporate travel firm Hogg Robinson saw its shares surge by six per cent after it reported a profit rise fuelled by companies spending more on business trips.

Meanwhile Asian equities fell back on close today, tracking the weakness on Wall Street on concerns over the economic outlook for the US, as well as euro zone debt woes.

In other news France's finance minister Christine Lagarde is set to officially confirm that she wants to be the next head of the IMF.

Sterling hovered close to a two-month high against an ailing euro as the single currency was pressured by fresh uncertainty over Greece