FTSE lower despite US plan
The FTSE 100 continued its slide this morning, 30 points lower by 09:30 GMT, despite news of another US banking bailout.
FTSE lower despite US plan" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Stock+ticker_1455_18895846_0_0_7019987_300.jpg" width="200"/>The FTSE 100 continued its slide this morning, 30 points lower by 09:30 GMT, despite news of another US banking bailout.
Financial firms led the decline, with Standard Life falling 4.3 per cent, Standard Chartered down by 3.15 per cent and HBOS 2.68 per cent lower.
Mining stocks rallied after the collapse of BHP Billiton's hostile takeover bid for rival Rio Tinto.
Investors were concerned the deal would be so large it could affect the price of iron ore. Shares in Johnson Matthey rose 10.73 per cent, Antofagasta was up 8.79 per cent and Vedanta Resources was 8.06 per cent higher.
The $800 billion plan to revive the financial markets announced yesterday by the US government boosted confidence on the Dow Jones, which closed 0.43 per cent higher.
Overnight, Asian markets were mixed on fears over the economy and optimism about the US announcement.
Japan's Nikkei slipped 1.3 per cent, while Hong Kong's Hang Seng index rose 3.81 per cent.