FTSE

London's top stocks have given up some of yesterday's triple-digit gains in early trading, with the FTSE 100 down 0.72%.

The FTSE 100 has soared 1.98% this morning as HSBC more than doubled pre-tax profit to £7bn.

UPDATE: The FTSE has bounced back from heavy losses earlier this afternoon on the back of weak GDP figures from the US.

The FTSE was down in early trading at 5311.91, representing a drop of 2.04 points (0.04%), ahead of US GDP data.

Banks are once again leading the FTSE 100 gains in early trading, after a number of stocks soared upwards of 10% yesterday on the relaxing of Basel III rules.

Banks pushed the FTSE higher by 0.55% to 5380.35 on news the Basel Committee proposed to water down its capital and liquidity reform package.

The FTSE was down in early morning trading by 21.35 points (0.40%) at 5292.46, as markets remain cautious awaiting the latest UK GDP reading - due at 9:30am - and EU bank stress test results due after close of business today.

Banks led the FTSE 2% higher in late trading on Thursday as positive economic news from the Eurozone eased fears of a double-dip recession.

The FTSE 100 opened down 0.37% or 19.09 points to 5,139.76 as Friday's sell-off on Wall Street dragged the index lower.

BP is driving a midday rally in London shares after the oil giant's attempts to stop the oil leak proved successful, although banking stocks continue to slide.