As stock and bond markets across the world tumbled on fears about Italy and Spain, it emerged that police acting on orders from prosecutors had raided the Milan offices of rating agencies Moody's and Standard & Poor's as part of continuing investigations into their role in the recent financial turmoil.
Italian shares plunged on Thursday, with some leading firms losing more
than 10% of their value. But the closing level of the benchmark FTSE MIB index was not released for reasons that remained unclear more than an hour after the close.
(For more on this, please see: http://www.guardian.co.uk/world/2011/aug/04/police-raid-milan-moodys-standard-poors)