The FTSE 100 slipped at the open after heavyweight HSBC reported a plunge in fourth-quarter profit overnight.
Shares in the lender took a hit after it said profit fell 80% to US$1 billion over the final quarter, on the back of a list of write-downs in China.
Also providing downward pressure on the index was BAE Systems, which fell despite reporting better than expected profit on strong sales of its defence goods for the year.
Rio Tinto reported a dip in profits in line with its expectations meanwhile, as commodity prices faltered and supply growth exceeded demand last year.
Elsewhere, food and beverage product supplier Tate & Lyle fell after reporting weaker demand would hit full-year revenues.
And finally, in other news, Manchester United’s £1.25 billion takeover by Jim Ratcliffe was finally completed.
