The FTSE100 has clawed back into positive territory this morning after more pain for US financials led to a poor start for the UK banking sector. London's blue-chip index is currently 0.60 points (0.01%) higher to 5362.90.
Mining giants are spearheading the revival, with Xstrata 2.92% ahead to 3309. BHP Billiton is doing well after announcing it will build a new oil and gas field off the Australian coast. BHP has climbed 2.73% to 1582. Oil player BG Group is also among the top stocks, 2.81% higher to 1098.
Yesterday’s poor retail sales figures have not helped Marks & Spencer, falling 5.39% to 245.50 so far. The London Stock Exchange Group has continued its recent extreme volatility, 4% lower to 815.
Standard Chartered is leading the bank losses, down 3.82% to 1536. Barclays is also behind, 3.74% lower to 335.00.
In New York, financial stocks copped a hammering on Thursday on fears of more pain for the US housing market. The Dow Jones IA closed 283.10 points (2.43%) lower to 11349.28.
Markets were also not helped by new US jobless figures, which were much higher than analyst predictions.
An $8.67bn Q2 loss for Ford smashed automobile rival General Motors, plunging 11.08% to 13.
The financial giants also plummeted; with Citigroup 9.75% lower to 19.06, AIG 8.87% behind to 27.43 and Bank of America 8.37% down to 30.64.
Pharmaceutical firm Merck was one of only four Dow stocks to close in positive territory, up 1.42% to 32.22.
In Tokyo, renewed overseas earnings concerns hit large Japanese exporters on Friday, sending the Nikkei 225 268.55 yen (1.97%) lower to 13,334.76.IFAonline
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Square Mile’s series of informal interviews
Fine reduced to £60,000
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