Standard Chartered is leading the fallers as the market slips back after yesterday's gains. The damage to the Asian banking group has been done by Citigroup analysts, who have downgraded from hold to sell and cut their price target from £15.25 to £13.
Citi reckons that a change in the bank's mix of businesses away from consumer to wholesale banking could hit its growth prospects.
"If the shift towards wholesale banking continues we believe the underlying profitability of the group will be undermined, particularly if the benign credit conditions deteriorate as Asian economic growth slows," said Citi.
It also suggests that Standard may have to raise new equity to strengthen its capital ratios. All this has left the bank's shares 64p lower at £15.35.
With UK inflation figures coming in every bit as bad as investors feared, the FTSE 100 is down 8.5 points at 5533.3, despite another dip in the oil price.
The crude price fall left oil services group Petrofac 24.5p lower at 556p, with Wood Group down 12.5p at 382.75p. The London Stock Exchange slipped 24p to 944p ahead of Friday's modest start for rival Turquoise, the exchange set up by a number of investment banks.
Publisher Trinity Mirror fell 6.5p to 118.5p as JP Morgan downgraded from neutral to underweight, but broadcaster ITV added another 3.9p to 51.5p on continuing takeover hopes.
