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Global stock markets suffered sharp losses on Thursday morning as the political chaos in Athens and Rome continued and the eurozone teetered on the brink of breakup. The ongoing financial turmoil saw the FTSE 100 in London open nearly 100 points lower at 5360.19. Asian markets also fell, with Japan's Nikkei closing down 2.9% while Hong Kong's Hang Seng lost nearly 5% and Singapore's Straits Times shed 3.1%. In the bond markets, the yield – or interest rate – on Italy's 10-year bonds traded around 7.3%, close to the record highs hit on Wednesday. The yield on Spain's 10-year debt increased to 5.9%, nearer to the "danger zone" where countries risk losing the confidence of the financial markets. Soaring Italian borrowing costs have stoked fears that the eurozone's third-largest economy will need to be bailed out. Italy has now replaced Greece as the focus of the debt crisis, with Italian interest rates reaching levels that triggered bailouts in Portugal, Greece and Ireland. But amid fears that Italy is too big to rescue, reports have surfaced from Brussels suggesting Germany and France have begun preliminary talks on a breakup of the eurozone. Brent crude oil dipped below $112 a barrel as the escalating European debt crisis overshadowed robust demand for oil from China. Spot silver shed nearly 2% to $33.40 an ounce.