London markets have opened relatively steady this morning despite losses on Wall Street and a strong sell-off in Asia. The FTSE100 is currently 9.50 points (0.17%) lower to 5747.40.
HBOS has lost the most ground following release of its trading statement which outlined a further £1bn first half write-down. The lender is 6.04% down to 299.50.
Fellow lender Alliance & Leicester is also lower, dipping 4.03% to 309.75.
Fuel reliant cruise liner operator Carnival is struggling as oil prices closed near $137 yesterday. It is 3.71% behind to 1659.
The high crude costs continue to boost the oil majors, with Cairn Energy 3.01% higher to 3319. Oil and gas group BG is also higher, up 2.35% to 1263.
Bus and rail operator FirstGroup is also having a good morning, sitting 2.64% ahead to 525.
In New York, poor figures from Morgan Stanley sent Wall Street lower on Wednesday, with the Dow Jones IA down 131.24 (1.08%) to 12029.06.
Morgan’s 60% drop in Q2 earnings led to widespread losses across financials, with Bank of America 2.98% behind to 28.37 and AIG 2.35% lower to 31.52.
General Motors led the losses as it continues its stunning slide, down 5.88% to 14.89.
Aviation giant Boeing was one of four stocks to close in the black, it was up 0.36% to 74.65, following news it will get a second chance to bid for a $35bn US Air Force contract.
In Tokyo, Japanese stocks fell the most in two months on Thursday with financials bearing the brunt following the gloomy outlook from Morgan Stanley and US hedge fund guru John Paulson.
The Nikkei 225 index fell 322.65 yen (2.23%) to 14,130.17.
Elsewhere in Asia, Hong Kong’s Hang Seng also dipped sharply, closing 510.59 (2.19%) lower to 22,815.21.IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till