Russian tensions return as FTSE starts lower

The FTSE 100 was lower on Thursday as reports of attacks in Ukraine helped inflame tensions which many thought had been doused by talk of Russian withdrawals earlier in the week.

Hopes a deal between the West and Iran could be salvaged put pressure on oil prices and saw index heavyweights BP and Shell fall.

“While Standard Chartered, something of an outlier among the UK banks given its emerging markets focus and a very limited footprint in Britain, got the sector’s reporting season off to a weak start with profit below expectations,” said AJ Bell’s Russ Mould.

“Strong results from Swiss food group Nestle showed it’s not impossible for consumer goods firms to prosper in the current environment. While inevitably there was some impact from rising input costs, if your proposition is sharp enough and you run an efficient enough operation these can be mitigated, at least to an extent.”