FX.co ★ FTSE 100 Little Changed, HSBC Shares Fall

On Monday, the FTSE 100 experienced minimal fluctuations, maintaining levels close to its record at approximately 9650, yet trailing behind other European markets due to the impact of HSBC shares on the index. HSBC saw a decline of 0.7% after revealing a $1.1 billion (£0.8 billion) provision set aside to address litigation pertaining to investor losses linked to Bernard Madoff’s Ponzi scheme. This protracted legal battle, which has been ongoing since 2009, is anticipated to affect HSBC’s third-quarter results, expected to be released tomorrow, though the bank intends to pursue a second appeal. Utility stocks faced challenges amidst a risk-on sentiment, with National Grid and SSE ranking among the poorest performers. In contrast, mining stocks showed mixed results: copper producers such as Glencore, Antofagasta, and Anglo American saw gains exceeding 1.5% driven by copper prices inching towards record highs amid renewed trade optimism between China and the US. However, gold miners like Fresnillo and Endeavour Mining witnessed declines of 1.4% and 1.6%, respectively, as precious metal prices dipped. Additionally, Barclays captured attention by announcing its plans to re-enter Saudi Arabia’s investment banking sector.