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London Markets: FTSE 100 in holding pattern, even with big jumps by HSBC, Next

U.K. stocks showed little change early Wednesday, as big gains by banking giant HSBC Holdings PLC and retailer Next PLC failed to spark a broader move higher.

The FTSE 100 UKX, -0.14% inched down 0.1% to 6,636.59 as a small early gain faded. The benchmark is basically trading water after closing lower for two sessions in a row.

Shares in HSBC HSBA, +2.87% climbed 3.8% after the bank said it will spend up to $2.5 billion in this year’s second half to buy back shares, though it also reported that second-quarter net profit plunged 40% to $2.6 billion.

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