Financials with the exception of HSBC were pounded in London this afternoon as continued credit concerns coupled with poor broker reports. The FTSE 100 index fell 67 points (1.14%) to 5817.3.
HBOS fared the worst of all, falling to a five year low, down 7.54% to 558.
Alliance & Leicester and Friends Provident shared in the negative sentiment, dipping 6.74% to 525.50 and 4.87% to 127 respectively.
HSBC surprisingly led the gains on its announcement of a 10% increase for 2007, climbing 3.13% to 790 this afternoon. Food service firm Compass also did well, up 1.76% to 332.25.
In New York, Wall Street has opened in a much steadier mood, currently down just 16.61 points (0.14%) to 12249.78.
A better than expected manufacturing report has come to the rescue of equities, with many stocks still concerned with rising oil prices and slowing consumer spending.
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