FT.com / MARKETS / Equities - FTSE 100 gives up early gains

FT.com / MARKETS / Equities - FTSE 100 gives up early gains:

"“The oil stocks and the banks are accounting for about these quarters of the losses and overall the market just lacks direction,” said Jimmy Yates, a trader at CMC Markets.

The market was also spooked by rumours of a large foreign exchange-related trading loss at one of City’s leading investment banks.

“Warren Buffett’s comment about the US being in recession were very worrying, as is the continued weakness in the dollar and record commodities prices,” said Simon Denham at Capital Spreads."