Shares in British banks were up on the FTSE 100 in morning trading as the sector awaited news from U.S. giant JPMorgan Chase & Co and Lloyds Banking Group received a boost from UBS.
JPMorgan Chase & Co is expected to announce its first quarter results this afternoon (British time), thus giving some indication of the state of the banking sector globally.
Meanwhile Swiss bank UBS issued a positive statement on part nationalised Lloyds Banking Group, implying that the shares are at base value, having had all possible negative scenarios factored in already. As a result the shares present a good investment opportunity when considering the risk/reward balance, UBS argued.
The news appeared to help shares in British banks.
By 10:45 shares in Lloyds Banking Group were up 0.73 per cent to 60.76 pence per share, RBS shares rose 0.82 per cent to 44.15 pence per share and HSBC shares increased 1.18 per cent to 662.60 pence per share.
Barclays however saw its shares decline 0.02 per cent to 304.10 pence per share.
Overall the FTSE 100 was up 0.70 per cent to 6,006.25.