Mortgage banks pull FTSE 100 under
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London equities fell on Friday after Northern Rock went to the Bank of England to arrange emergency financial support, a move that led to a two-year profit warning and undermined share prices in its peers.
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Embattled British bank Northern Rock   is preparing for a sell-off that could see its 100  billion pound ($202 billion) mortgage portfolio divided between  the country&#39;s other major banks, the Sunday Telegraph said.
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The FTSE 100 suffered one of its worst sessions in recent years despite moves by the world's leading central bankers to combat the credit squeeze.
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The FTSE 100 closed sharply lower Tuesday -- its lowest level for over a year -- as a 9.8 billion dollars Q4 loss from Citigroup and weaker than expected retail sales sent the Dow into an early three-figure dive, with retailers back in the spotlight after Christmas trading updates from Tesco and Debenhams.
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The FTSE 100 fell again on Thursday  as more big write downs in the US banking sector  blocked momentum  from retailers after better high street newsflow.
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London equities fell in opening trade on Tuesday, with banking stocks in the vanguard of the decline after news of lower mortgage market share at HBOS and a warning of continued upward pressure on interest rates from the Bank of England.
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U.S. stocks fell on Thursday after a warning about U.S. subprime mortgage lending from Britain's HSBC  sparked a sell-off in financial stocks and investors worried that fallout from the housing slowdown may be far from over.
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Global credit squeeze undermining private sector sale of mortgage lender
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The FTSE 100 index of top companies shed 0.76 percent to 5,828.30 points in early afternoon trade.
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The FTSE 100 index see-sawed during a volatile trading session as it mirrored sharp swings on Wall Street, dealers said Thursday.
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A buoyant hotel sector helped the FTSE 100 maintain its dizzying ascent Wednesday as investors shrugged off the likelihood of a widely-expected hike in interest rates by the Bank of England.
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The FTSE 100 slumped more than 100 points on Monday morning amid continued gloom about the prospects for the global economy.
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The FTSE 100 index of leading shares in London showed a loss of 0.20 percent to 5,890.70 points about 40 minutes after the open.
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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Mortgage approvals at the UK's biggest banks, making up half of mortgage lending, have dipped slightly in January.
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London equities fell on Tuesday after news of increased full-year writedowns at Barclays (NYSE:BCS) took the shine off banking stocks. There was further pressure in the sector after surprise news of fresh $2.85bn losses at Credit Suisse (NYSE:CS).
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The number of new mortgages being given to house movers falls by 20% in the past year, Bank of England figures show.