Banks were making a strong rise after UBS lifted its rating for the global banking sector from 'underweight' to 'overweight', saying that the operating environment is beginning to improve. In a research report titled 'Post-crisis banking', UBS said that the tone of its Global FID conference earlier this week was "neutral to slightly positive" and banks are starting to see "improving bottom-up trends". RBS led the risers, with Lloyds close behind.
After a subdued start, the FTSE 100 pushed into positive territory ahead of the opening bell in New York with financials leading the rise after a broker upgrade.
Sector movers: Miners drop on global growth concerns
Date: Tuesday 14 May 2013
Uncertainty about the global economy was weighing heavily on the mining sectors on Tuesday, as concerns over the demand outlook prompted investors to scale back their appetite for risk.