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FTSE 100 slips as HSBC sparks sell-off in banking stocks

FTSE 100 slips as HSBC sparks sell-off in banking stocks
Traders are seen at work at Northern Trust offices in London, Britain August 1, 2019. REUTERS/Toby Melville/Files -
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TOBY MELVILLE(Reuters)
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(Reuters) – A sell-off in financial stocks following an underwhelming earnings update from HSBC kept UK shares in the negative territory on Monday, while confusion around a potential delay to Brexit and a snap election lingered.

The bluechips <.FTSE> were 0.4% lower by 0806 GMT, with HSBC <HSBA.L> responsible for more than half of the index’s fall, while the FTSE 250 <.FTMC> was largely unchanged.

HSBC <HSBA.L> slumped 3%, heading for its worst day in eight months, as its third-quarter profit missed market expectations amid ongoing macro-economic uncertainties including the Sino-U.S. trade war, Brexit and the Hong Kong protests.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta)

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