1630:Close The FTSE closed down 17 points on Monday, dragged lower by BG Group after it warned project delays in Egypt and Norway would result in a production decline of around 30,000 boepd for 2014. In macro news, George Osborne said today that the UK economy has "turned a corner", with "tentative signs of a balanced, broad based and sustainable recovery", although warned recovery was still the early stages. Meanwhile, Syria continued to weigh heavily on markets as Obama continued to rally support for an attack. The FTSE closed at 6,531.
1253: According to market reports some Libyan officials are being cited as having said that the country's oil production has recovered to 600,000 barrels a day, from the approximately 150,000 barrels a day which it was thought to be at.
1016: Writing on the recent improvement in economic data globally strategists at UBS comment on how changes in purchasing managers' indices [PMIs] have had a close relationship with the relative performance of cyclicals versus defensives. "The rally of the last 2 years has been a strange one, in that it has been defensive-led. In some cases, this has provided fuel to the arguments of equity bears, who claim that "it's not a proper Bull market," if it's led by Consumer Staples and Healthcare stocks. Well, the data show that since about the end of the first quarter of 2013, leadership has changed, and "normal service" has been resumed," they tell clients. FTSE 100 down 19 to 6,528.
1015: UK and US say they share revulsion at Syrian use of chemical weapons.
0916: A speech from US Secretary of State John Kerry on Syria, who is now in London, is expected to start at any moment. Worries around the situation in the Middle East may be holding markets back. A vote on Capitol Hill on action in Syria may come as soon as this week.
0847: Stocks are seeing some selling pressure at the start of trading with shares
of BG Group and Tate&Lyle leading fallers on the Footsie. The former this morning cut its production target for 2014 by 30,000 barrels of oil equivalent per day. AB Foods is also down following a trading update out from the company and downbeat guidance for profitability at its Sugars division, as Investec points out. Analysts at UBS have downgraded Tate&Lyle to sell from neutral while lowering their price target on the stock to 770p from 890p. Chinese data out over the weekend showed exports accelerating modestly to a 7.2 per cent year-on-year pace, from 5.1 per cent before. Import growth slowed to 7.0 per cent, but this was due to a drag from imports for processing trade. Nevertheless, economists at Nomura remain doubtful as regards the sustainability of the recovery since money market and bond rates have been on an upward trend, which should adversely affect investment. Japanese gross domestic product expanded at a 3.9 per cent year-on-year clip in the second quarter, slightly less than forecast, but sufficient for the government to proceed with a hike in the consumption tax rate some say. An Italian Senate hearing on the eligibility of Silvio Berlusconi is the main event on today's agenda. FTSE 100 down 16 to 6,531.