London's banks and miners lead broad flight from risk Banks and miners crowded to the bottom of the FTSE 100 on Monday as a fresh flight from risk started by spiking Spanish borrowing costs came to London. The FTSE 100 fell 1.5 per cent to 5,565.93, a loss of 86 points in broad-based selling. It set the benchmark index on course for its sharpest fall since late June. In opening trade, only five mainly defensive stocks did not make losses. There were three miners and four financial stocks on the list of the 10 biggest fallers. ENRC was the hardest-hit resource stock, down 3.5 per cent at 368p, on worries about how a potential Spanish bailout will affect global economic growth which drives demand for its metals. There were more immediate concerns in the banking sector about the implications of a potential Spanish bailout, after the writedowns faced by sovereign bondholders after previous rescues. Royal Bank of Scotland suffered the biggest fall on the FTSE 100, down 4.2 per cent at 196.1p. "Investors this morning fear that the eurozone's fourth-largest economy is soon to follow Greece, Ireland, and Portugal in requesting emergency funding," said David White, financials trader at Spreadex. Stock markets around the world are feeling the chill of Spain's developing crisis. What participants will be looking for in order to reverse euro selling is a catalyst, and, so far, finding one that will be net positive could prove to be as well hidden as Spain's outlook is fragile. Aberdeen Asset Management outperformed its peers, with its shares supported by a well-received trading update. The company reported net capital inflows of £300m in its third quarter, taking its assets under management to £182.7bn. Owen Jones, analyst at Shore Capital, said: "We believe the fact that Aberdeen has posted positive net inflows should be taken well by the market. The net inflows for the period are set to add around £15m of annualised income to the group and have, as previously, come to the group's higher margin products with the outflows in its lower margin capabilities ... At this stage, Aberdeen is the one to own in the sector. The shares fell only 0.7 per cent to 249.2p, showing deeper resilience than the wider financial sector and the FTSE 100.