FTSE 100 extends losses as miners and HSBC drop

Miners and financial are dragging down the FTSE 100 index this morning, with HSBC among the biggest fallers following the news of further cost-cutting at the bank.

The blue-chip FTSE 100 is down 0.5% this morning, mirrored by the 0.4% slide of the FTSE 250, reflecting a declining trend in both indices over recent weeks. Over the past month, the blue-chip index has fallen 4%, reducing its positive return year to date to just 3%. This morning, commodities firms are are weighing on the FTSE following weak economic data from China, while financials are also among stocks seeing the biggest declines. The biggest fallers are miners, including Anglo American, which is down 2.1%, and Rio Tinto, down 1.5%, after the two firms were downgraded from 'buy'...