View more on these topics

UK banks drag on FTSE

The FTSE 100 suffered further declines today as UK banks dragged the index lower to 4,579.

Yesterday the index suffered its worst one-day sell off, closing at a four-year low of 4,589.

After opening at 4,606, UK banks suffered sharp falls as investors anticipated a dilution of their holdings. Royal Bank of Scotland is down 30 per cent to 104p per share following reports that it had approached the UK government for additional funding. Lloyds TSB is also down 9.27 per cent to 235p and Barclays is down 8.36 per cent to to 287.5p.

BDO Stoy Hayward Investment Management economist Catherine MacLeod says: “Markets are responding incredibly negatively to the proposed political actions over the weekend, both in the US and in Europe. The failure of politicians to agree on concerted action highlights their inability to grasp the gravity of the situation or to focus on solutions to the problems at hand.”


Recommended

Positive attitude

Investors will be painfully aware that most equity markets have fallen this year and it would be a brave man who suggests that we are now through the worst.

The lessons of two evils

“Those who cannot learn from history are doomed to repeat it,” said philosopher and essayist George Santayana.

Judging the turn

The Resolution Argonaut European alpha fund managed by Barry Norris has an outstanding record. Norris started his career with Baillie Gifford and spent some time with Neptune where he ran the European opportunities fund. He then decided to start Argonaut Capital Partners in 2005 with Oliver Russ.

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment