The FTSE100 has edged into the black in mid-morning trading after strong losses to bank stocks led to a sharp early slide. London's blue-chip index is currently 1.80 points (0.03%) higher to 5314.40.
BP has climbed 2.94% to 534.75 after a 23% first half profit increase. Oil compatriots Cairn and Tullow are higher in sympathy, up 4.28% to 2804 and 3.01% to 770 respectively.
Catering group Compass leads the way however, 4.53% ahead to 357.75; while Antofagasta heads a host of miners higher, 3.24% up to 557.50.
News of Merrill Lynch’s fresh write-down and cash call has smacked banking stocks, with Barclays falling 7.53% to 313.25 so far.
Royal Bank of Scotland and HBOS are not faring too much better, down 5.12% to 195.70 and 5.04% to 273 respectively.
In New York, only one Dow Jones IA stock climbed on Monday with US financials punished once again. The Dow closed 239.61 points (2.11%) lower to 11131.08.
Insurer AIG plummeted on a poor day for all US financial institutions, down 12.04% to 23.96. Citigroup fell 7.53% to 17.43, Bank of America lost 5.14% to 28.06 and JPMorgan Chase dipped 4.71% to 37.66.
Auto giant General Motors also continued its sharp slide, 7.56% lower to 11.
Aluminium producer Alcoa was the only Dow stock in the black, up 2.67% to 32.66.
In Tokyo, the credit-market concerns emanating from the US hit Japanese stocks on Tuesday, with the Nikkei 225 closing 194.33 yen (1.46%) lower to 13,159.45.IFAonline
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