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FTSE 100, FTSE 250 off 0.2%
Feb 21 (Reuters) - UK's exporter-heavy FTSE 100 fell on
Tuesday, dragged lower by HSBC after the London-headquartered
bank dampened investors' expectations of a sustained income
bonanza from rising interest rates worldwide.
The blue-chip index was down 0.2% by 0805 GMT.
HSBC dropped 1.3% despite a surge in its quarterly profit as
Europe's biggest bank said it expects net interest income to be
at least $36 billion in 2023, falling short of forecasts of $37
billion.
The decline in HSBC shares dragged the banking index down nearly 1%.
Shares of Holiday Inn-owner IHG Plc fell 2.2% even
as it reported a higher full-year profit.
Investor focus will also be on initial estimates for the S&P
Purchasing Managers' Index (PMI) due at 4:30 am ET (0930 am
GMT), which are expected to show a modest improvement in British
economic activity in February from the previous month.
The domestically focussed FTSE 250 midcap index was
also down 0.2%.
(Reporting by Amruta Khandekar; Editing by Sherry
Jacob-Phillips)
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