FTSE down on dull day for global markets

HSBC’s push into the UK mortgage market has led HBOS to the largest decline so far, falling 3.18% to 532. International media company Pearson has also started Wednesday lower, down 2.81% to 675.50 and the Admiral Group has fallen 2.76% to 774. The UK's largest house builder Persimmon has opened strongly on expectations of a rate cut, up 2.62% to 705. Cairn Energy has also started well, up 2.19% to 2895 and Carphone Warehouse is 1.76% higher to 289.75. In New York, central bank concerns of a "severe and protracted downturn" for the US economy hit Wall Street sentiment, with the Dow Jone...