1630: Close The FTSE 100 pushed into positive territory by the close after relatively quiet session for equity markets in London with investor confidence shattered after a sell-off the day before and volumes down due to seasonal trends. London's benchmark index finished today's trading session up 16.65 points at 6,499.99. While the FTSE 100 managed to close with slight gains on Friday, it still ended the week in the red, its second negative week in succession. Wall Street benchmarks are now trading broadly higher despite most major economic data coming in below expectations (building permits, housing starts, University of Michigan confidence).
1455: The FTSE 100 is still trundling along sideways after a broadly flat start on Wall Street. Speaking this afternoon, Financial Trader Shavaz Dhalla from Spreadex said: 'Volumes within the markets remain depressingly thin today as the peak of summer holidays continues to take its toll. Thus, in reality, it is proving especially difficult to analyse the impact of tapering fears as there are only a few traders actually left in the markets.' The Footsie is down just 0.39 points at 6,482.95.
1410:The productivity of US workers increased more than expected in the second quarter as the world's largest economy expanded. The measure of employee output per hour rose at a 0.9 per cent annualised rate, after a 1.7 per cent decline in the prior three months, a Labor Department report revealed. It beat forecasts for a 0.6 per cent gain.
1330:New-home construction in the US rose in July, figures from the Commerce Department showed. Housing starts climbed 5.9 per cent to an 896,000 annualised rate from a revised 846,000 pace in June that was higher than previously reported. However it fell short of estimates for a rate of 900,000. The figures were boosted by multifamily projects that overshadowed a slowdown in single-family properties.
1117: The FTSE 100 remains rangebound with just 27 points separating the intraday low (6,464) and high (6,491). Mining stocks continue to lead the upside with Fresnillo and Randgold standout performers. Housing and construction stocks are also higher, rebounding after some heavy falls on Thursday. According to analysts at Spreadex, housing shares
fell yesterday after 'economists warned that the Help-to-Buy scheme could stoke a new property boom as more buyers start chasing sales with opportunistic landlords fuelling the recent market rebound'. The FTSE 100 is down 6.50 at 6,476.84.
1000:Eurozone inflation remained unchanged and below the European Central Bank's (ECB) target rate, even though other data this week left little hopes for another rate cut. The Eurozone Julyconsumer price index(CPI) held steady at 1.6 per cent year-on-year, in line with consensus estimates. Also as expected, the monthly contraction in prices came in at -0.5 per cent.
0828: The FTSE 100 has opened broadly flat, trading just 4.83 points higher at 6,488.17, with sentiment still fragile after yesterday's 1.6 per cent drop and similar falls on Wall Street last night. Mining stocks are providing support this morning with Randgold, Fresnillo, Antofagasta and Glencore Xstrata making gains, possibly as a result of rumours that China could unveil a stimulus package at some point this morning. Eurozone CPI data is due out shortly, while economic figures in the States will again be in focus later on - building permits, housing starts and the University of Michigan confidence survey are due out this afternoon.