Markets

FTSE 100 Little Changed As HSBC Profits Plunge

(RTTNews) - U.K. stocks were fluctuating on Monday as a slide in HSBC shares offset investor optimism over data showing a jump in Chinese and domestic and factory activity.

A private survey showed China's factory activity expanded at the fastest pace decade in July, helping ease worries about the Covid-19 pandemic on the global economy.

U.K. manufacturing activity is also on course for recovery as the nation's lockdown eased and furloughed staff returned to work.

The IHS Markit/CIPS manufacturing purchasing managers' index (PMI) rose to 53.3 last month from 50.1 in June.

The benchmark FTSE 100 was little changed at 5,898 after tumbling 1.5 percent on Friday.

HSBC Holdings shares plunged 5.8 percent after the bank reported a 65 percent slump in first-half pre-tax profit.

Aerospace supplier Senior Plc plummeted 11.7 percent after posting a loss in the first half of 2020.

Similarly, insurer Hiscox tumbled 5.7 percent after it swung to a first-half loss.

Hammerson slumped 9 percent. The property development and investment company said it was considering a rights issue and was in advanced talks to dispose of its interest in VIA Outlets.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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