French paranoia has taken centre-stage today, with top financial brass in Paris directing ratings agencies to look across the Channel following another downgrade to their banks. Elsewhere, there's no let up in grim news for the single currency.

Overnight, ratings agency Fitch followed its peers and downgraded the two of the largest French banks - Crédit Agricole and Banque Federative du Crédit Mutuel, along with Dutch Rabobank, Finnish Pohjola Group and the Danes' Danske Bank.