1630: Close The FTSE closed higher on Tuesday, led by mining stocks as investor appetite grew on hopes that the US could reach an agreement over the debt ceiling. Back on this side of the Atlantic, and in company news, high-end luxury brand Burberry dropped today after the surprise exit of CEO Angela Ahrendts and appointment of Chief Creative Officer Christopher Bailey in her place. In economic news, UK inflation remained at 2.7 per cent in September defying economists expectations for a slight drop from August's level. The FTSE closed up 41.46 points at 6,549.11.
1505: Stocks have held on to gains despite a cautious start on Wall Street, with US benchmarks trading flat to slightly lower as a deal over the debt ceiling remains elusive. Citigroup earnings are out and have missed consensus estimates, weighing on the stock this morning in New York. The bank reported a third-quarter profit of 100 cents per share (102 cents on an adjusted basis), up from just 15 cents the year before but under the 105 cents forecast. Revenues of 18.2bn dollars (excluding an accounting charge) came up short of the 18.58bn-dollar estimate. The FTSE 100 is up 42.24 at 6,549.89.
1200: Progress on Capitol Hill has pushed the UK market to its highest level in three weeks as investors grow in confidence that lawmakers can strike a deal to avert a dreaded default. The FTSE 100 is trading up 0.7 per cent at around 6,560; the last time it has closed higher was on September 24th when it finished at 6,571.46.
1035: WPP has acquired Chinese digital ad agency IM2 for an undisclosed fee as it looks to expand in fast-growth and digital markets. The FTSE 100-listed advertising behemoth said IM2 was one of China's "leading and most successful pure play digital agencies". Meanwhile, Anglo American has revealed that the expansion of its subsidiary Kumba's Sishen mine in South Africa remains on track but warned a pending regulatory application could restrict access to the mine.
0946: Beijing and London have agreed to introduce trading between the Chinese Yuan and the British pound, helping the City's bid to become the European hub for Yuan trading.
0930: The latest price data for the UK revealed that inflation remained steady but did not continue to ease as analysts had been expecting. The Consumer Price Index (CPI) remained steady at 2.7 per cent in September compared to a consensus estimate of 2.6 per cent. Retail price inflation (RPI) slowed, falling to 3.2 per cent from 3.3 per cent.
0847: UK stocks have begun the day with moderate gains, led higher by Rio Tinto after the company announced record levels of iron ore shipments during the past third quarter. That is feeding through into price gains for the entire industrial metals mining sector. Hargreaves Lansdown is also outperforming after unveiling record assets under administration (AuA) for the first quarter of fiscal year 2014. Acting as a backdrop, reports indicate that an agreement in the US Senate on raising the debt ceiling may be near. There is also some market chatter as regards the downside risks for oil prices
should the negotiations which start today with Iran, in Geneva, be successful. At 09:30 consumer (consensus: 2.6 per cent; last: 2.7 per cent) and producer prices for September are released. MPC member Martin Weale will carry out his re-appointment hearing in front of the Treasury Select Committee at 10:00. FTSE 100 up by 43 to 6,551.