Economics / Markets

The FTSE 100 opened in positive territory as strong results from majority-nationalised bank RBS crowned off a largely impressive results week for the UK banking sector.

Bank of England's Monetary Policy Committee (MPC) today held interest rates at 0.5% - marking the 17th consecutive month they have been held at the historical low.

Barclays has posted profits of £3.95bn for the first half of 2010, up 44% on the same period last year.

The FTSE fell in early trading in reaction to losses on Wall Street overnight and a weak opening in European markets.

Henderson chief economist Simon Ward questions whether monetary tightening and fiscal cutbacks could send the global economy into a ‘double dip' recession.

London's top stocks have given up some of yesterday's triple-digit gains in early trading, with the FTSE 100 down 0.72%.

HSBC reported profits doubled to £7bn for the first half of the year, with gains in every region apart from North America.

UPDATE: The FTSE has bounced back from heavy losses earlier this afternoon on the back of weak GDP figures from the US.

The FTSE was down in early trading at 5311.91, representing a drop of 2.04 points (0.04%), ahead of US GDP data.

The prospect of a double-dip recession in Britain is increasing with every month as consumer confidence dwindles to recession levels, a long-running study shows.