Irish concerns for RBS drag FTSE down

The FTSE is slightly down in early trading, with RBS hit by fears it may be exposed to Ireland’s economic problems.

The index is down 0.14% at 5,808.75, after falling 0.99% yesterday amid worries over China's efforts to curb inflation.

RBS shares are at 40.82p, down 3.18%, on the news its Irish business Ulster Bank made a loss of £176m in Q3.

Meanwhile, interdealer broker ICAP is down 3.36% at 477.4, Barclays dropped 2.26% to 283.05p and Weir Group is down 2.1% at £16.30.

However, mining stocks have performed well this morning, with Antofagasta, Fresnillo and Kazakhmys all up.

In Europe, the Dax is down 0.13% at 6710.92 while the Cac is also down 0.53% at 3867.76.

Overnight, the Nikkei closed up 0.31% at 9861.46, boosted by recent yen falls against the dollar, while the Dow Jones closed yesterday narrowly up 0.09% at 11357.04 after a late rally.