A positive FTSE100 is defying the odds this morning amid 24-hours of strong losses to global stock markets. The blue chip index is currently 16.80 points (0.28%) ahead to 6024.40.
While banks tanked over the Atlantic, RBS is leading the fight in the UK – up 5.42% to 238.25 so far. Lloyds TSB is also doing well, 2.45% ahead to 386.50.
Home Retail and Carphone Warehouse have also opened strongly, up 2.63% to 234.25 and 2.51% to 234.75 respectively.
Miners and energy stocks are sluggish however; Vedanta is currently 2.12% lower to 2452.
Eurasian is 1.87% behind to 1417 and Cairn Energy has dipped 1.28% to 3325.
In New York, S&P’s credit rating cut to a number of US investment banks pounded Wall Street investor confidence on Monday, with the Dow Jones IA falling 134.50 points (1.06%) to 12503.82.
Financials were the hardest hit as expected, with American Express dropping 2.37% to 45.25.
The negative S&P outlook also included JPMorgan Chase, which was down 1.98% to 42.15; while Citigroup fell 1.96% to 21.46.
Pharmaceutical giant Merck also struggled, 2.03% lower to 38.17
General Motors was one of only four stocks to climb at the end of trading, up 1.99% to 17.44.
In Tokyo, the US credit downgrades smashed Japanese stocks, as the dollar plunged even further against the yen, impacting exporters. The Nikkei 225 index fell 230.97 yen (1.6%) to 14,209.17.
Elsewhere in Asia Pacific, Hong Kong’s Hang Seng plunged 457.07 (1.84%) to 24,374.29 and Sydney’s S&P/ASX 200 dropped 88.10 (1.56%) to 5,574.20.IFAonline
'Managed separation update'
The chairman discusses his surprise holiday job
Three months on
Regulator has stepped in