FTSE drifts lower as banking stocks fall on Italian windfall tax

News Snapshot:

B anks and commodity stocks led the fallers as London’s top markets closed lower on Tuesday. Italian plans to hit banks in the country with a new 40% windfall tax have knocked financial stocks across the continent. Global trading sentiment was already weak during the session after official figures showed Chinese imports and exports both tumbled more sharply than expected last month, stoking further concerns over the global economic recovery. The FTSE 100 moved 0.36%, or 27.07 points, lower to finish at 7,527.42. Germany’s Dax index was 1.1% lower for the day and the Cac 40 closed down 0.69%. Chris...