FTSE 100 watch: Footsie little changed amid ongoing trade tensions

HSBC shares stay down as investors digest results

FTSE 100 watch: Footsie little changed amid ongoing trade tensions

The UK benchmark index has climbed marginally higher in today’s session, held back by ongoing trade tensions between the US and China. In individual FTSE 100 movers, HSBC Holdings (LON:HSBA) is underperforming the broader market after updating investors on its half-year performance.

FTSE 100 little changed

As of 12:20 BST, the Footsie had added 4.48 points to stand 0.06 percent higher at 7,663.58, with the trade relations between the US and China staying in focus. Miners are further weighing on the index, tracking copper prices lower. Fresnillo (LON:FRES) is currently the sector’s biggest faller, having given up 3.42 percent to 979.80p.

“The general upward drift in the FTSE 100 continues, as the rebound from Thursday’s low showed, but a push above 7,700 continues to elude the index,” Chris Beauchamp, market analyst at IG, commented in a note, adding that back above the 7,630-point level, the index will target 7,700 points and then 7,800, while a break below 7,550 points would bring the 7,489-point level into play.

Individual Footsie movers

HSBC is underperforming the FTSE 100, even as it reported a rise in half-year pre-tax profit before tax.

“We do not see consensus moving much on these results and shares likely to be in a holding pattern until evidence of delivery on operating leverage,” said Jefferies analysts in a note, affirming their ‘buy’ rating on the stock, as quoted by Reuters. Shares in the Asia-focused lender are currently changing hands 0.53 percent higher at 712.00p,

easyJet (LON:EZJ) meanwhile is marginally outperforming the broader market after reporting that it had carried more passengers year-on-year last month. The airline’s stock is 0.26 percent better off at 1,553.50p.

The FTSE 100 index was 0.02 percent down at 7,657.42 points as of 12:42 BST on Monday, 06 August 2018.

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