Banks are leading the way for the FTSE100 this morning, with concerns on US financials showing no sings of impact so far. The index is currently 22.10 points (0.37%) ahead to 5992.20.
Home Retail is leading the gains in early trading, up 3.88% to 247.75.
Then come the banks – Barclays is 3.55% higher to 364.50, Royal Bank of Scotland 3.51% ahead to 258.25 and HBOS 3.45% forward to 352.25.
Supermarket Morrisons is down despite recording a 7% rise in quarterly like-for-like sales. It is 2.82% lower to 284.
Miners are losing ground this morning on falling prices, Lonmin is 2.69% down to 3361 and Anglo American is 2.03% behind to 3332.
In New York, Wall Street gave back significant gains in late Wednesday trading as worries over bond insurers Ambac and MBIA led to renewed credit fears. The Dow Jones IA fell slightly, down 12.37 points (0.1%) to 12390.48.
General Motors slumped after announcing it may offload gas-guzzler Hummer after weaker consumer demand. GM lost 3.24% to 17.01.
Financial giants struggled on the gloomy news, with Bank of America 2.08% to 31.99. Chevron was hit on the weaker oil price, falling 1.86% to 96.04.
Walt Disney Corp was led the gains for the blue-chip index, ending trading 3.53% ahead to 34.35.
American Express was higher after it offered renewed confidence on its 2008 earnings growth, up 3% to 45.64.
Positive news from troubled rival AMD led chip-maker Intel to jump, closing 2.35% higher to 23.48.
In Tokyo, Japanese stocks struggled on Thursday as falling oil and metal prices impacted commodity-based companies. The Nikkei 225 index lost 94.45 yen (0.65%) to 14,341.12.
A Lehman Brothers rating cut on the Japanese banking industry also led a number of financials to fall significantly.
Elsewhere in Asia/Pacific, Hong Kong’s Hang Seng climbed 84.82 (0.35%) to 24,208.07, but Sydney’s S&P/ASX 200 lost 54.40 (0.97%) to close on 5,530.10.IFAonline
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