BG Group shares are 0.8 pct lower at 1160.

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Sector peer BP plc (LON:BP) however finds itself stuck on the less-than-thrilling Neutral list at Goldmans, a target share price of 490 is maintained.

Deutsche Bank are a little more positive on BP however, keeping their Buy rating on the stock. A target price of 520 is maintained.

BP is today 0.47 pct lower at 445.90.

Markets on tenterhooks as Cyprus scrambles to avoid financial meltdown

The FTSE 100 has seen heavy selling today as poor German data combines with the uncertainty Cyprus presents the rest of struggling peripheral Europe. Latest reports from Reuters say leaders are currently locked in a meeting over 'Plan B.'

Max Cohen at Spreadex says:

"Cyprus are currently in the process of trying to prevent a national economic meltdown and are said to be considering nationalising pensions.

"Banks are to stay shut utill next week in order to avoid financial chaos after rejecting the terms of a European Union bailout, analysts expect Cyprus to turn to Russia for aid.

"President Nicos Anastasiades is due to meet party leaders at 7:30am GMT in crisis talks after last night’s meetings to discuss a “plan B” broke up without a result. EU officials voiced frustration but little sympathy for an ambitious but now bust banking system that extended itself well beyond the island.

"Austerity measures imposed in the UK are being met with ever increasing suspicion and distain from the general public with more and more believing that a switch in strategy will fare better for the economy.

"However, the austerity demanded by European policy makers in exchange for aid amid three years of debt woes is starting to deliver the competitiveness needed to restore economic growth.

"At the price of a doubling in unemployment and near-10 percent plunge in labour costs, the so-called peripheral euro nations are reviving manufacturing and trade. The current- account deficits of countries that have been under stress diminished over the last years considerably."