Spreadex Market Update
FTSE dragged down by HSBC
The FTSE 100 has stayed down around 20 points from this morning, dragged down by Europe’s largest bank, HSBC. The Bank has today released its full year results and despite them reporting pretax profits have increased, this wasn’t enough to drive the share price up and has instead fallen over 4% after the reported numbers didn’t meet market expectations. Similarly, RSA Insurance hasn’t helped the index gain momentum after the company dropped nearly 4% off its share price today after revealing they are set to raise £800m through a rights issue.
Economic data has been thin today with the German Ifo Business Climate figure being the only notable piece of data. The figure came in above expectations at 111.3, up from the forecast of 110.7. With the economic calendar picking up tomorrow, the figures may be the catalyst to move the markets.
Dixons Retail and Carphone Warehouse have announced they are in merger talks which if went ahead would form a £3.4bn group and would see the merged group on the FTSE 100 constituents list.
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