FTSE 100 Down Nearly 0.5%; Bank Stocks Tumble
(RTTNews) - The UK stock market is down in negative territory on Thursday, weighed down by losses in banking and housing sectors.
Expectations of more interest rate cuts by the Federal Reserve and a few other major central banks appear to be limiting the market's downside.
The benchmark FTSE 100, which climbed to a new record on Wednesday, is underperforming other major markets today. The index, which was down 44.77 points or 0.47% at 9,504.10 about half an hour before noon.
HSBC Holdings is down 6% after the lender proposed taking its troubled Hong Kong subsidiary Hang Seng Bank Ltd. Private. Concerns over high premium paid for the acquisition, and the suspension of share buybacks for three quarters weigh on HSBC stock.
Lloyds Banking Group is down 2.9% after the lender warned of additional provision linked to car finance mis-selling.
Barclayas and Standard Chartered are down by about 1% and 0.5%, respectively.
Barratt Redrow, WPP, Babcock International, The Sage Group, Prudential, BAE Systems and Burberry Group are down 1 to 3%.
Mondi, Metlen Energy & Metals, IAG, Anglo American Plc, Weir Group, Antofagasta, GSK, Entain, Severn Trent, ICG, United Utilities, Land Securities and Beazley are up 1 to 2.5%.
European Markets Close Higher As Oil, Bond Yields Drop After Fed Rate Hike
U.S. Pending Home Sales Rebound From Six-Month Low In August
Philly Fed Index Pulls Back Off Five-Year High In September
U.S. Housing Starts Unexpectedly Tumble 2.6% In August
U.S. Jobless Claims Unexpectedly Dip To Lowest Level Since Mid-July
Bank Of England Holds Rate Steady At 3.75%
Philly Fed Index Pulls Back Much Less Than Expected In September
