1630:Close London's blue chips ended today's session firmly in the red, with the sharpest decline occurring around the opening of US markets, which saw the Dow Jones fall thanks to energy stocks, which were weighed down by concerns about the sanctions that were imposed on Russia. Eurozone economic confidence rose more than expected in July. The sentiment index climbed to 102.2 from 102.1 in June, beating analysts' estimates for the reading to fall to 101.9. Another euro-area report showed German inflation rose 0.8%, on an annualised basis, in July, as expected, easing back from 1% in June. The FTSE 100 closed down 34.31 points at 6,773.44.
1549: After a decent start, US stocks have dropped into the red with the Dow and S&P 500
down 0.34% and 0.15% respectively as investors tread cautiously ahead of the Fed meeting. The GDP showed that one measure of inflation rose 2% in Q2, up from 1.3% in Q1, prompting concerns that the Fed could soon turn hawkish.
1330: US GDP expanded by an annualised 4% in the second quarter, well ahead of the 3% increase expected. Meanwhile, the first-quarter contraction was revised higher to -2.1% from the previous estimate of -2.9%.
1315: According to ADP, private-sector payrolls increased by 218,000 in July, below the 230,000 consensus forecast and the previous month's much better-than-expected figure of 281,000. UK stocks have barely reacted to the data, which is often seen as a rough guide to Friday's official jobs report.
1230: David Savage, an expert in economic sanctions at law firm Eversheds, quoted in The Guardian, has warned that Russia's economic growth will suffer: "This latest wave of sanctions should come as no surprise. The impact of these far-reaching measures is as yet unknown, but with both the EU and the US imposing further restrictions on Russia's financial sector, as well its weapons and energy industries, it seems likely that the Russian economy will increasingly stagnate over the coming months. The corollary of this, of course, is that EU and US companies with Russian interests are also likely to experience some financial discomfort going forward."
1128: Analysts at Liberum have cut their rating for pharma giant GlaxoSmithKline from 'hold' to 'sell', giving a new target price of 1,350p which represents 5% downside from current prices. "Our analysis shows the immense pressure the business is under is likely to lead to underinvestment in core areas," they said. Despite this, the stock is up 0.6% at 1,427p.
1000: The EU Commission's economic sentiment index for the Eurozone edged higher in July to a reading of 102.2 from 102.1 in the month before. The gauge for consumer confidence in the UK retreated to 4.8 in July from 7.4 in the month before.
0930: Lloyds business barometre for the UK economy rose to 52 points in July from a reading in 51 in June.
0855: UK stocks have begun the session moving slightly lower, tracking an overnight spill on Wall Street and ahead of this evening's meeting of the Federal Open Market Committee (FOMC). To take note of, shares
in Twitter rocketed higher by up to 35% after the close of trading in the wake of the internet outfit's latest results. Barclays and Travis Perkins are in the leader early on after the release of their half year figures. Acting as a backdrop, traders are continuing to digest the latest set of sanctions levied against Russia by the European Union and the US. Euro/dollar is continuing to drift down. Spanish consumer prices fell by 0.3% year-on-year in June, well below the 0.1% fall expected. FTSE 100 down 12 to 6,796.