1630: Close The UK's biggest 100 stocks took a significant hit in today's session, weighed down by an unexpected drop in industrial production, a decline amongst airlines and cautious trading ahead of the release of minutes from the latest Federal Reserve meeting tomorrow. Industrial production fell by 0.7% over the month in May, according to the ONS, mainly due to a fall in manufacturing output. Traders are also gearing up for aluminium producer Alcoa's results this evening, which unofficially marks the start of the second quarter earnings season Stateside. In other news, German banks are reportedly facing a fine from US authorities relating to operations involving countries black-listed by the US. The FTSE closed down 85.06 points at 6,738.45.
1512: The FTSE 100 is now down nearly 1% after a weak start on Wall Street as investors questioned valuations ahead of the start of second-quarter earnings season this evening. "Risk assets continue to be sold today, as equity benchmarks drift lower after last week's record print for the Dow Jones Industrial Average," said Trader David White from Spreadex. The FTSE 100 is trading 63 points lower at 6,760.
1321: US pharmaceutical group AbbVie has raised its offer for Shire to £51.15 per share, valuing its Dublin-based rival at more than $51bn. The £51.15p per share proposal, which is made up of £22.44 in cash and 0.8568 ordinary shares
of the combined group for each Shire share, is an increase of roughly 11% or £3bn on its previous offer. The FTSE 100 is down 38.85 at 6,784.66.
1312: AbbVie has raised its cash and shares offer for Shire by 11% to £51.15 a share.
1254: The picture on the FTSE shows heavy falls in the airline and retail sectors outweighing a decent performance by mining stocks. Investors are increasingly looking ahead to the release of the minutes from the most recent Federal Reserve meeting, due out tomorrow. Also in focus is the unoffical start of the second-quarter earnings-reporting season in the States, giving investors another reason to tread carefully today. US stocks are predicted to open lower, with futures showing a 0.1% decline across all three of the main indices. The FTSE 100 is 35.11 points lower at 6,787.62.
0930: UK industrial production fell by 0.7% over the month in May, according to the Office for National Statistics (ONS). Versus a year ago output was 2.3% higher. Consensus forecasts were for a rise of 0.3% month-on-month (3.2% year-on-year).
0909: Airline stocks IAG (-3.9%) and easyJet (-2.1%) are providing a drag on the FTSE 100 this morning after European peer Air France-KLM cut its profit guidance for the year. In comments similar to those made by Deutsche Lufthansa, the French-Dutch airline said that overcapacity on long-haul flights was having an impact on profitability.
0834: UK stocks have started the day slightly lower with the most notable feature of markets this morning perhaps being the pick-up in 'noise' out from French industrialists and politicians surrounding the resilience of the single currency in FX markets. To take note of as well, at least two ECB policymakers have come out saying that the monetary authority is now preparing a program for the purchase of asset backed securities. Rio Tinto is at the top of the leaderboard following a price target upgrade out of Morgan Stanley to 3,540p from 3,430p. Marks&Spencer is advancing despite having reported another decline in first quarter like-for-like sales. UK industrial output figures for the month of May are scheduled for release at 09:30. FTSE 100 down 13 to 6,811.