FTSE 100 Drifts Lower As HSBC Warns Of Restructuring Pain

U.K. stocks drifted lower on Monday as HSBC warned of a challenging outlook after posting a drop in third quarter earnings and the pound picked up some pace on speculation the Prime Minister may have the number of votes required to trigger an election.

The benchmark FTSE 100 was down 17 points, or 0.23 percent, at 7,308 after closing down 0.1 percent on Friday.

Asia-focused lender HSBC Holdings tumbled 3.8 percent after warning it would have to undertake costly restructuring amid a slowing global business environment.

Mining giant BHP rose over 1 percent as Samarco, a joint venture between BHP Group and Vale SA, received the Corrective Operation License for the Germano complex in Minas Gerais on Friday.

Cairn Energy slumped 13.6 percent after it issued an update on its proceedings against India under the U.K.-India Bilateral Investment Treaty.

Ferrexpo shares edged down slightly. The Swiss-based commodity trading and mining company said that Kostyantin Zhevago has decided to step down, temporarily, from his position of Chief Executive Officer to focus on resolving certain matters in Ukraine relating to one of the businesses he owned until 2015.

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