FTSE down despite banks boost

Sluggish economic data from the world’s biggest economy offset gains by buoyant banking stocks, sending the FTSE 100 Index into the red and continuing a turbulent performance by the top tier.

The FTSE 100 closed down 5.6 points at 6280.6 after a promising start – driven by hopes over the creation of a “bad bank” for toxic loans – was dashed by disappointing housing and company data from the United States.