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FTSE 100 slips after Deutsche warning hits bank shares FTSE 100 recovers from early losses
(about 4 hours later)
(Open): The UK market slipped, with banking shares coming under pressure after Deutsche Bank warned of a big third-quarter loss. (Noon): After sliding in early trade, the FTSE 100 recovered to stand 14.52 points higher at 6,350.87.
News that the Bank of England had voted by 8 votes to 1 to hold UK interest rates at 0.5% - as expected - had little effect on the market.
Top risers in the FTSE 100 included mining firm Fresnillo, up 3%, and retail giant Tesco, up 2%.
Mining giant Glencore was one of the biggest fallers, down 1.7% to 121.85p, after downbeat comments from brokers.
Canaccord Genuity cut its target price on the stock to 190p from 220p.
A number of shares going ex-dividend also weighed on the index, with insurer Aviva down 2% and B&Q owner Kingfisher falling 1.5%.
Banking shares came under pressure after Deutsche Bank warned of a big third-quarter loss.
Deutsche said it would post a net loss of €6.2bn (£4.5bn) for the quarter, partly due to higher capital requirements for its investment bank.Deutsche said it would post a net loss of €6.2bn (£4.5bn) for the quarter, partly due to higher capital requirements for its investment bank.
Among the UK banks, Barclays shares were down 0.75% while Lloyds Banking Group was 0.2% lower. Shares in Barclays were down 0.75% at first, but then recovered to trade unchanged on the day by lunchtime.
The FTSE 100 index was down 3.01 points at 6,333.34. On the currency markets, the pound dipped 0.05% against the dollar to $1.5311 and fell 0.5% against the euro to €1.3569.
Mining giant Glencore was the biggest faller in the index, dropping 2.5% to 120.90p, after Canaccord Genuity cut its target price on the stock to 190p from 220p.
A number of shares going ex-dividend also weighed on the index, with insurer Aviva down 2% and B&Q owner Kingfisher falling 1.3%.
On the currency markets, the pound edged up 0.07% against the dollar to $1.5329 but fell 0.4% against the euro to €1.3578.