US housing defaults depress the FTSE

Increasing concerns about the state of the US housing market has push key stocks such as Royal Bank of Scotland and HSBC Holdings down, and the FTSE 100 index is 80 points or 1.3% lower at 6080.5, as there are worries about the prospect of higher unpaid debts and both firms have significant exposure to the US housing market. Royal Bank of Scotland has dropped 73p or 3.5% to £19.75 and HSBC has lost 10p or 1.1% to 892.5p while mining giant Antofagasto is 15p or 3.2% lower at 454p. There are currently only 10 firms making any gains on the FTSE 100, the best of which have been seen by Sainsb...