Dow slumps on poor retail figures

The Dow Jones is trading in the red after lower than expected US retail sales figures weighed on investor sentiment.

As at 15.45 GMT, the index is down 0.49% or 59 points to 12,208, with Exxon Mobil and Intel racking up the biggest losses.

The Dow's negative showing comes after Commerce Department figures showed US retail sales rose in January by a disappointing 0.3% - short of the expected 0.6% increase as heavy snow dented hopes of a jump in sales. In addition, December's figure was revised down from 0.6% to 0.5%.

London's FTSE, meanwhile, is also languishing in negative territory following release of US retail sales figures. In afternoon trading, the blue chip index is down 0.47%, or 28 points, to 6,031.

Mining stocks are dragging heavily on the FTSE, with Anglo American, Xstrata, Fresnillo and Rio Tinto all in the five biggest losers.

However, better than expected results from Barclays - which saw pre-tax profits jump almost a third last year - has boosted the banking sector, with Barclays, Lloyds and Royal Bank of Scotland all occupying the leader board. Barclays, up over 5%, is in pole position.

Meanwhile France's Cac 40, up 0.3%, and Germany's Dax, up 0.05%, seem unfazed by the poor US retail figures.