Strong losses for US financials overnight stung UK banking stocks upon opening this morning; driving the FTSE100 34.40 points (0.62%) lower to 5500.10.
HBOS leads the sector’s decliners, 4.61% behind to 315.75. Barclays, RBS and Lloyds TSB are also well down.
The morning’s largest loss belongs to Enterprise Inns however, 7.84% lower to 355.75.
Miners are currently doing well, holding the top five positions. Xstrata and Anglo American are the best of the bunch, up 3.68% to 2989 and 3.36% to 2769 respectively.
In New York, renewed concerns on financial losses smacked Wall Street on Tuesday, with the Dow Jones IA closing 139.88 points (1.19%) lower to 11642.47.
JPMorgan Chase lost the most ground after the investment bank announced it could write off $1.5bn in mortgage backed securities in Q3. It finished 9.48% lower to 37.92.
Fellow financials were offloaded on the news; with Bank of America 6.74% down to 31.13, AIG 6.62% behind to 22.85 and Citigroup 6.46% lower to 18.54.
Falling oil prices boosted General Motors, up 3.16% to 11.10.IFAonline
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