Mortgage concerns wipe out FTSE's early gains

Despite edging up 0.6% in early trading on the back of renewed confidence following Ireland's agreed bailout, the FTSE has dipped into negative territory as figures showed the number of mortgage approvals in October fell to its lowest level in eight months. Shortly after 11.30, the FTSE was down 0.5%, or 31 points, to 5637 as investors mulled the poor housing data. Nevertheless, banking stocks - which staged an early rally as investors were buoyed by news of the Irish bailout - are clinging on to gains. HSBC, up 1.6%, leads the winner's table with Royal Bank of Scotland, which has ...