FTSE Starts March By Falling To SIx-Year Low Led By HSBC

The FTSE 100 has begun March like a lamb rather than a lion, falling more than 4% to a six year low.

London’s decline mirrored the performance in Asia after Japan’s Nikkei registered a drop of almost 4% overnight,

Market heavyweight HSBC led the way tumbling 23% – or 112p to 379p – after it scrapped its final dividend, announced a 62% fall in profits and confirmed plans to raise £12.5 billion from shareholders.

Among other banking stocks, Royal Bank of Scotland was down 5% while Standard Chartered, which shares HSBC’s focus on Asian markets, was down 10%, Lloyds was also down 10%, and Barclays 7% lower.