FTSE 100 dips as banks and miners lose ground
On Wednesday, British shares tumbled as the vast majority of bank shares dipped, though Barclays PLC stocks surged following the lender’s earnings report.
The FTSE 100 dipped 0.3% at 6,268.85. By the way, on Tuesday, the London benchmark surged 0.4%, powered by revenues for bank Standard Chartered PLC as well as crude major BP PLC.
Barclays PLC stocks surged 4% after Jes Staley, the bank’s governor told that the lender would speed up the disposal of noncore businesses and also try to improve returns at the investment bank.
Additionally, Barclays reported a 7% tumble in the first-quarter net profit, affected by dropping returns at its investment bank as well as losses as it keeps shedding unwanted assets.
Many market participants hope that things are on the rise from the group with decent returns in the nearer future via a revamped investment banking division, which appeared to be successful not so long ago.
As for other bank shares, they were lower. Standard Chartered dipped 2.4% after its ratings downgrade.