Strong gains on Wall Street helped limit losses for under-pressure BP today as the wider FTSE 100 Index also pulled back from early heavy falls.

The UK competition watchdog today hit 10 retailers and two tobacco manufacturers with fines totalling £225m (€255.9m) for "unlawful practices" in pricing of cigarettes, cigars and rolling tobacco.

Blue chips were back on a tentative road to recovery today as the London market enjoyed its second day of gains, buoyed by hopes of a US interest rate cut.

Growing concerns over the US economy sent UK blue chips plunging into negative territory today, with news of a raft of high profile potential takeovers unable to stem the losses.