1630: Close Significant falls by a number of blue chip heavyweights ensured a negative finish for UK stocks, with Vodafone providing the biggest drag. The other main news of the day was of course UK CPI, which climbed 0.2 percentage points in April to 1.8 per cent year-on-year. In other news, Prime Minister David Cameron today said the Help to Buy scheme may have to be scaled back in order to prevent the UK property market from boiling over. Meanwhile, credit card borrowing in the UK increased at its highest rate for five years, potentially fuelling fears that the economic recovery may be too reliant on consumer debt. The FTSE 100 closed down 42.55 points at 6,802.
1500: US stocks were moving lower ahead of key speeches from Federal Reserve officials Charles Plosser and William Dudley. They will speak on the economy ahead of the central bank's release of tomorrow's meeting minutes. Criag Erlam, Market Analyst at Alpari, said he thinks we may get further insight into the Fed members' views on interest rates and when they expect the first hike.
1400: JP Morgan has today cut its price target on shares
of Vodafone to 260p from 270p, but writes: "With the AT&T bid for DTV eliminating remaining M&A hopes, and guidance concerns now quantified, key overhangs are clarified. The big picture remains Vodafone earnings should inflect materially".
1317: The Treasury has said the Bank of England should not hesitate to use the tools at its disposal if needed, Bloomberg reports.
1002: Samuel Tombs at Capital Economics writes that: "[...] the increase in CPI inflation from 1.6 per cent to 1.8 per cent in April (and core inflation from 1.6 per cent to 2 per cent) almost entirely reflects the impact of the later timing of Easter [...] Moreover, the trend in CPI inflation should still be down over the course of the rest of 2014 thanks to the recent stability of commodity prices, sharp falls in import prices and the intensification of competition between supermarkets and retailers."
0930: UK house prices rose by 1.8 per cent year-on-year during the month of April, according to ONS. The consensus estimate was for a rise of 1.7 per cent.
0840: UK stocks have begun Tuesday's session off slightly, led by a retreat in shares of Vodafone and Marks&Spencer, following the latest annual results out from each. ITV has been upgraded to 'hold' versus 'sell' at Berenberg while Babcock International was added to JP Morgan's analysts focus list. AstraZeneca is lower despite having been added to Citi's Focus buy list overnight. Acting as a backdrop, some reports cite China's Commerce Ministry as saying the nation faces an arduous task to achieve 7.5 per cent GDP growth this year. In parallel, Russian Prime Minister Dmitry Medvedev told Bloomberg News that his country is being pulled into a second Cold War with the US and its allies. Medvedev added that a raft of retaliatory measures have been prepared in case further sanctions are launched against his country. FTSE 100 down 5 to 6,839.