FTSE 100 falls on Spanish downgrade

UK FTSE 100 index tumbled on Wednesday as investors anticipated news about the Spain's credit rating cut to grade B by Egan Jones. Most of index's constituents dropped during session. Resource stocks and financials provided the most significant downside contribution. Fresnillo lost 2.5% and Rio Tinto fell 3.3%. British banks also sharply declined with Royal Bank of Scotland giving up 2.4% and Lloyds Banking Group slipped 2.1%. At the moment of writing FTSSE 100 is trading 1.6% or 84 points down at 5,306.