1630:Close The FTSE 100 soared higher in today's session, breaking the 6,800 mark to end the day at an eight-month high as sentiment improved after the World Bank raised its growth forecast for the global economy. Top risers included Burberry, after better-than-expected Q3 sales, and Anglo American, after UBS upgraded its rating. Meanwhile, Hargreaves was suffering after admitting revenues would be hit as a result of RDR changes. Over in the US stocks are up across the board. The FTSE 100 closed up 53 points at 6,819.86.
1524: Fidelity Worldwide's Head of Personal Investing, Mark Till, has told Bloomberg in an interview that on March 1st they will introduce a new fee structure for retail clients so as to undercut competitors, including Hargreaves Lansdown.
1432: "Jupiter's good fourth quarter inflows reflects a strong finish to the year-end. with an undemanding price-to-earnings multiple and good yield, we regard the shares
as attractive", analysts at Daniel Stewart wrote this morning. FTSE 100 up 45 to 6,811, above its 2013 high of 6,790.
1420: Carney has begun his testimony on the Financial Stability report before the Treasury Select Committee.
1338: Bank of America has reported a sharp rise in net accounting profits for its fourth quarter, which rose to 3.44bn dollars. Nevertheless, it just managed to nudge past analysts' forecasts on the bottom line, with earnings per share of 26 cents. Revenues also came in modestly ahead of forecasts. Share are up 3 per cent before the opening bell. The results aren't particularly stellar, but for now at least they may serve to highlight the lack of negative earnings surprises - so far - which some had feared ahead of this earnings season Stateside.
1333: Anglo has underperformed but Rio and BHP are preferred, analysts at UBS wrote to clients this morning. "We upgrade Anglo to Buy after the recent under-performance but retain a preference for Rio and BHP as their free cash-flow profile is more attractive over the next 12-18 months," they said.
1331: The Federal Reserve Bank of New York's regional manufacturing gauge jumped higher in January, to a reading of 12.51 points, rising well past the 3.5 expected by analysts. Most of the sub-indices registered large gains, those for new orders and unfilled orders included.
1330: US producer prices rose by 0.4 per cent over the month in December, in line with market estimates. At the 'core' level they increased by 0.3 per cent versus November, ahead of the 0.1 per cent which had been foreseen.
1124: Analysts at Barclays have today downgraded their view on the shares of both Centrica and SSE to 'underweight'. They explain to clients that: "Centrica and SSE now face a UK energy supply margin squeeze regardless of the outcome of the next general election, in our view. We see ongoing cost pressures and little scope for an energy price rise before the election [...] despite recent under-performance, we estimate that both stocks still trade on premium valuations. We downgrade them to Underweight, and cut price targets by approximately 30 per cent to 2,850p for Centrica and 1,200p for SSE. FTSE 100 up 24 to 6,791.
1021: Following the details from Hargreaves Lansdown on the impact which RDR will have on its pricing model analysts at Canaccord have cut their estimates for fiscal year 2015 profits before tax by 3% and those for 2017 by 5%. FTSE 100 up by 15 to 6,782.
1017: Ashtead, Imperial Tobacco and Next are all lower after going ex-dividend this morning.
0919: Markets are now trading close to their highest levels in eight months. The FTSE 100 is up 21.71 at 6,788.57; it has not closed above this level since May 22nd 2013. Anglo American is a high riser after UBS upgraded the stock from 'neutral' to 'buy', saying that the risk-reward balance is more "compelling" after recent weakness. In contrast, iron ore group Ferrexpo has been cut from 'buy' to 'neutral' by UBS "due to the elevated political risk in the Ukraine". SSE and Centrica were also downgraded today by Barclays Capital to 'underweight'; Standard Life is higher after Credit Suisse lifted the shares to 'outperform'.
0845: UK stocks are moving modestly higher in the wake of overnight gains on Wall Street, although it is lagging behind other European benchmarks. Burberry is leading gains on the Footsie after reporting a much better than forecast 12 per cent rise in third quarter like-for-like sales. Anglo American is following close behind after an upgrade out of analysts at UBS. To take into account, the Daily Telegraph's Questor column is this morning warning investors off from ASOS, given the company's current forward price-to-earnings multiple of 100, no less. Market darling Hargreaves Lansdown is lower, alongside easyJet. The latter has been taken down to 'neutral' by analysts at UBS (from 'buy'). The US Fed's Beige Book will be released tonight, after the close of trading. FTSE 100 up 27 to 6,794.