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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/banks-fail-to-offset-ftse-losses.jpg"><img class="alignnone size-full" title="The FTSE 100 Index shed 21 points to 6069" src="http://londonglossy.com/wp-content/uploads/2011/02/min-banks-fail-to-offset-ftse-losses.jpg" alt="The FTSE 100 Index shed 21 points to 6069"/></a></p>
<p>A strong show from banking shares has failed to offset losses on the London market as economic developments in the US and China troubled investors.</p>
<p>Wall Street&#8217;s Dow Jones Industrial Average was broadly flat after US Federal Reserve Chairman Ben Bernanke warned that failing to reduce the government&#8217;s 1 trillion US dollar (£622 billion) deficit could hurt economic recovery.</p>
<p>The FTSE 100 Index shed 21 points to 6069 as the cautious economic outlook in the US added to fears over China&#8217;s decision to raise interest rates.</p>
<p>The implications of a rate hike in the world&#8217;s fastest growing economy were brought back into the spotlight as China&#8217;s markets &#8211; including the benchmark Shanghai Composite Index &#8211; finished lower after the New Year holiday.</p>
<p>Shaken by the potential impact any tightening of monetary policy in China could have on demand for commodities, investors pulled out of heavily-weighted mining stocks.</p>
<p>Copper company Kazakhmys dropped 37p to 1585p, Eurasian Natural Resources fell 19p to 1010p and Anglo-Chilean Antofagasta was down 29p at 1484p.</p>
<p>Banking shares reacted positively to details of a deal between the Government and the industry, which emerged from the so-called Project Merlin talks.</p>
<p>Chancellor George Osborne said the settlement would see bonuses cut, lending to small business increased and the pay of the highest paid executives published.</p>
<p>Meanwhile, RBS and Lloyds, Britain&#8217;s state-backed banks, both revealed details of their chief executives&#8217; bonuses for 2010. Stephen Hester at RBS was awarded £2.04 million while Eric Daniels at Lloyds was awarded £1.45 million. Royal Bank of Scotland was up 0.2p at 44.8p, Barclays added 2.2p to 316.6p and HSBC advanced 8.9p to 727.1p. Lloyds, however, dipped 0.01p to 65.9p.</p>
<p>Household goods giant Reckitt Benckiser was near the top of the fallers&#8217; board after it disappointed investors with fourth quarter results showing a 3% drop in operating profits.</p>
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