Confidence is sliding in the stock markets again this morning as HSBC and BP and suffering the biggest losses.
The FTSE 100 index fell 37.8 points or 0.9% to 4375 and the FTSE All-Share index fell 16.46 points or 0.8% to 2172.02 while the FTSE 250 index is down 39.8 points or 0.6% to 5917.
HSBC is currently down 5.5p or 0.8% to 830.5p and BP – which would have seen higher profit potential in the last few days given the rising oil price – is this morning down 1.75p or 0.3% to 510p.
In Asia, negative sentiment in Japan was generated in part because UFJ - the largest bank and one which has substantial numbers of bad loans – reported its profits are down while the firm is already subject to a hostile takeover.
Toyota Motor also suffered a reduction in its share value as the rising oil price is likely to increase its own cost base along with lower consumer confidence in the US.
The Nikkei 225 index lost 0.8% to 10,972.5 by 3pm close of business in Tokyo, having made its biggest loss on the week for almost 12 years.
In the US yesterday, all three main indices closed lower after a US consumer confidence report revealed companies could soon see reduced profit potential.
The Dow Jones index dipped under the 10,000 mark again to close down 163 points or 1.61% to 9,963 while the Nasdaq Composite index fell 33.43 points or 1.8% to 1,821 and the S&P 500 index dropped 17.93 points or 1.63% to 1,080.IFAonline
Good governance v resources
UCITS rules need changing
Old age dependency ratio ‘outdated’
Scope for change post-Brexit
To tackle liquidity issues