Bank rises on speculation of it leaving London
Mon: HSBC was a high riser as Standard Life Investments’ head of equities, David Cumming, said it would back the bank if it decides to relocate its headquarters outside the UK to escape increasingly burdensome regulations.
The Bank of England is set to issue its latest stress tests, designed to check whether banks had sufficient capital to withstand another financial crisis.
Tesco dropped it emerged that losses at Harris & Hoole – the coffee chain part-owned by the supermarket retailer – doubled last year following a rapid expansion. Pre-tax losses at the coffee chain widened to £25.6m in the year ending 1 March 2015 from £12.8m the previous year.
London ended lower amid speculation on whether the Federal Reserve will raise interest rates at its meeting next month.
Federal Reserve Bank of San Francisco president John Williams said over the weekend that there is likely to be a “strong case” for raising interest rates next month following a batch of upbeat economic data.
There was stronger manufacturing activity in the eurozone though it is not likely to dissuade the ECB from easing monetary policy.
The FTSE 100 fell 29.14 points to 6,305.49