HSBC results subdue FTSE 100

A poorly received set of results from banking group, HSBC, sent the shares down 4.7% and helped the FTSE 100 finish down 7 points at 5,994. The Dow Industrials are currently up 70 to 12,201 as oil weakened marginally to $97 (U.S. WTI).

HSBC more than doubled its profits to over $19 billion (£11.7 billion) in 2010 versus $7.1 billion in 2009,  as bad debt provisions fell, but a reduced return on equity target due to new capital requirements failed to impress investors. Analysts had also hoped for a profit over $20 billion.  Expenses rose nearly 10% to $37.7 billion with the company blaming new bonus taxes , technology spending and increased marketing costs. 

A steadier day overall with events in North Africa calming down somewhat after last week's panic.