1630: Close London's blue chips have gotten this week off to a strong start, rising fairly steadily throughout the day, with just a modest decline in the final minutes of trade to end the day 55.97 points higher at 6,746.14. Stocks performance a u-turn following a notably weak performance last week, with today's gains led by sportswear retailer Sports Direct, while a strong set of results from Citigroup over in the States also helped lift sentiment.
1542: The International Monetary Fund has warned that the euro could rise in value if the European Central Bank launched a quantitative easing programme to fight deflation. The IMF said recovery in the Eurozone is weak and risks falling into deflation, and cut its growth forecast for this year. Gross domestic product next year is expected to rise to 1.5% from 1.1% in 2014 - compared to April's prediction of 1.2% growth this year.
1430: US stocks are up on an increase in deals activity and better-than-expected second quarter results from Citigroup. Citigroup has also agreed to pay $7bn in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.
1403: Futures on Wall Street are around 0.4-0.5% in pre-market trade as indices continue to recover after a bout of heavy selling last week. Citigroup shares
have jumped ahead of the bell as it managed to beat analysts' forecasts with its second-quarter results after adjusting for $3.7bn in costs associated with settling a probe related to the sale of mortgage securities before the financial crisis.
1255: Drax's shares jumped after winning a High Court judgement against the government over subsidies for its power station units. In April, the company said the department of energy and climate change (DECC) had unexpectedly ruled its second unit was not eligible for a new and higher subsidy. The court has now ruled the second unit was eligible for a so-called investment contract and the DECC ruling must be thrown out. The matter will be resubmitted to DECC for reconsideration. DECC has been granted leave to appeal.
1214: Eurozone industrial production rose by 0.5% year-on-year in May, as expected, following a 1.4% increase a month earlier. On the month, output contracted 1.1% in May from the previous month when it climbed 0.7%. Economists had pencilled in a 1.2% gain.
1043: Sports Direct shares are rising strongly after it was reported that the company has signed a partnership with MySale Group (in which it holds a 4.8% stake) to open stores in Australia and New Zealand. Tullow Oil has dropped into the red after the company said it has plugged and abandoned a well in Ethiopia after it failed to find commercial oil.
1020: Analysts at Morgan Stanley have played down concerns about the impact of a rate hike on the UK property sector: "There is a widely held perception that rising interest rates should drive underperformance for UK property stocks. [We believe] that not only is this not true, we also show that more often than not these stocks do well at this stage of the interest rate cycle."
0820: Shire is leading the charge higher this morning after AbbVie made a revised proposal for an offer worth £53m. Shire said it would potentially be willing to recommend the offer, which comprises £24.44 in cash and 0.8960 AbbVie shares per Shire share, to its shareholders. Meanwhile, precious metal miners were tracking the prices of both gold and silver lower early on. The Farnborough Airshow kicks off today and has already seen Airbus confirm its intention to sell the A33neo, its updated A330 aircraft that will be powered by Rolls-Royce's Trent 7000 engine. The FTSE 100 is up 27.01 at 6,717.18.