Hargreaves leads FTSE lower after downgrade

The FTSE 100 was down over 1% by 11am, with Hargreaves Lansdown leading the market lower after being downgraded by Morgan Stanley.

Morgan Stanley cut its price target for the D2C platform by 10%, arguing its recent price cuts will impact earnings more substantially than feared. Morgan Stanley argued the recent changes to pensions rules outlined in the Budget 2014 - which sent shares soaring to record highs - were more than offset by its series of pricing changes. In reaction, shares were off 5.5% by 11:15am, at £12.51. The shares hit a record high of £15.49 at the start of the year. Elsewhere, technology stocks were suffering following a big sell-off in the US overnight. The tech-focused Nasdaq index fell 3...