1630: Close The FTSE has started the week off firmly in positive territory, lifted by the news that Larry Summers has dropped out of the running for Federal Reserve Chairman and easing concerns over the situation in Syria. However, a shooting in Washington DC caused markets to pullback somewhat. In economic news, UK small business confidence rose in the third quarter as the prospects for hiring and investments were brighter, while Liberal Democrat leader Nick Clegg's economic plan has won the support of his party. Clegg's motion, 'Strengthening the UK Economy', asked conference delegates to vote for the coalition's tough fiscal mandate to have the government's books in balance by 2017-18. The FTSE closed up 39 points at 6,623.
1513: Some market commentary is highlighting improved liquidity in US markets following reports that Lawrence Summers has dropped out of the running for the Chair of the Federal Reserve. However, reports of a shooting in Washington DC - which has led to a halt in outbound flights from Ronald Reagan international airport - may be behind the small dip now evident on Wall Street. Also to be had in account, The Wall Street Journal writes today that China Telecom Corp. appeared to be cutting back on subsidies for the iPhone. FTSE 100 up 39 to 6,623.
1512: The Chief Executive Officer of Burberry has reportedly remarked that the business climate continues to be challenging, although store traffic is still strong in London and Paris.
1415: US industrial production advanced at a 0.4 per cent month-on-month pace in August, as expected [alongside upwards revisions to previous months´ data], while the degree of capacity utilisation improved to 77.8 per cent, which was also in-line with market forecasts. FTSE 100 up 50 to 6,634.
1330: The Federal Reserve bank of New York´s regional manufacturing gauge fell back slightly in August, to a reading of 6.29 from 8.24 in the month before (Consensus: 9.10). Back on the equity front, Vodafone has now amassed 76.48 per cent of the share capital and voting rights of Kabel Deutschland. FTSE 100 up 52 to 6,636.
1314: Shares of Shire are moving higher after a report on Bloomberg, late on Friday, indicated that US rare-disease drugmaker Vitopharma has hired Goldman Sachs to manage a possible auction after fielding an unsolicited approach. The newswire cited people who asked not to be named because the talks are private. Analysts seem to believe that it would be a good fit for Shire. To be had in account, on Friday Bank of America Merrill Lynch held its Global Health Care conference. FTSE 100 up 63 to 6,647.
1038: Shares of Mexico-focused silver miner Fresnillo are now leading stocks lower on the top flight index. In fact, they have lost more value than any other within the FTSE 100 on Monday. This comes as investors weighed up the prospect of a big levy on the mining sector in Mexico. "All of Fresnillo's seven operational mines are in Mexico, leaving it heavily exposed to such an increase in its tax burden," said Financial Sales Trader Financial Sales Trader from Spreadex. FTSE 100 up 50 to 6,633.
0845: UK shares
have begun the session with strong gains, led by shares of IAG and easyJet after the surprise agreement reached over the weekend between US Secretary of State John Kerry and his Russian counterpart - Sergei Lavrov - on the subject of imposing chemical weapons controls on Syria. Market commentary also seems to point to relief that Lawrence Summers has bowed out of the race to become the next Chairman of the US Federal Reserve. No less important, over the weekend German Chancellor Angela Merkel seems to have done well in regional elections in Bavaria which may be a good omen heading into this next week´s parliamentary elections in Germany. However, some of the latest polls show that there is a certain risk that the current ruling coalition may not be able to retain power by itself. In any case, and as Steen Jakobsen, Chief economist at Saxo Bank told Sharecast on Sunday, Bavaria is not Germany. FTSE 100 up 51 to 6,634.