The UK benchmark index has fallen deep into the red in London today, with company earnings and worries over the US-China trade relations weighing on sentiment. Lloyds Banking Group (LON:LLOY) meanwhile has soared to the top of the FTSE 100 leaderboard after reporting a rise in interim profit.
FTSE 100 heads south
As of 13:27 BST, the Footsie had given up 87.30 points to stand 1.13 percent lower at 7,661.46. Sentiment has been subdued with trade war worries taking the centre stage. Reuters reports that a source had said that the Trump administration was planning to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods, having initially set levies at 10 percent.
Investors are also staying on the sidelines ahead of the outcome of the Federal Reserve’s latest meeting later today and the Bank of England’s rate decision tomorrow.
Individual Footsie movers
Shares in bailed-out Lloyds have been in demand after the company posted a rise in second-quarter profit despite booking a further £460 million to cover payment protection insurance claims. The lender’s shares are currently changing hands 1.83 percent higher at 63.52p.
Next (LON:NXT) meanwhile is at the bottom of the FTSE 100 even as it posted a rise in sales for the 26 weeks to July 28, having benefitted from a hot weather spell across the UK. The retailer’s share price is 7.61 percent down at 5,484.00p.
British defence giant BAE Systems (LON:BA) has been another prominent blue-chip faller, trading 3.25 percent down at 632.00p, as it reported that its earnings had fallen in the first half of the year.
The FTSE 100 was 1.21 percent down at 7,655.24 points as of 13:35 BST on Wednesday, 01 August 2018.