FTSE falls 1% despite strong results for financials

The FTSE fell in early trading in reaction to losses on Wall Street overnight and a weak opening in European markets.

London's leading index was down 51.38 points, or 0.95%, to 5,345.10 just before 9am, despite strong results from the financials sector. Shares were also down across Europe. The German Dax lost 0.45% to 6279.69 and the French Cac 40 dropped 0.41% to 3732.24. However financials were seen as the early risers on the FTSE after posting positive H1 results. Lloyds shares jumped 2.75% to 73.9p on news the banking group had returned to profit for the first time since the financial crisis which led to its part nationalisation. Legal & General was also an early performer following strong...