1630: Close After a turbulent session it was ultimately a downbeat finish for London's blue chips, with this afternoon's losses reversing the gains seen early on this morning. In marco news, UK mortgage approvals numbered 61,707 in May, down from 62,806 in April, a smaller-than-expected fall, but still hitting their lowest level since June 2013. Fresnillo was a late riser, helped in part by RBC Capital which reiterated its 'outperform' rating. The FTSE 100 closed down 13.83 points at 6,743.94.
1619: Ahead of its interims tomorrow shares
of St.Modwen's have moved just atop their 200-day moving average.
1552: Analysts at Westhouse Securities are pointing out two mid-cap stocks on their Buy list, Pace and Galliford Try. From the point of view of technical analysis both are "reaching medium-term price and relative up-trend support," they say.
1505: Regarding today's Chicago PMI data in the US Barclays economist Cooper Howes is saying this to clients: "On an ISM-adjusted basis, which re-weights each component index using the same methodology as the manufacturing ISM, the Chicago PMI actually showed a June improvement to 60.7 from 58.9 in May. This is broadly in line with our expectations of a rebound in Q2 real GDP growth after a soft Q1."
1500: NAR's index of pending home sales expanded at a 6.1% month-on-month pace in May (consensus: 1.5%).
1445: MNI's Chicago PMI has printed at 62.6, down by 2.9 points from the month before, versus the 63 point read expected by economists.
1408: US stock futures are still broadly flat as markets await economic data due out after the opening bell. Investors will keeping their eyes peeled for the Chicago purchasing managers' index due out at 09:45 in New York (14:45 London), which is expected to slip to 63 in June from 65.5 the month before. Pending home sales, due shortly after, are forecast to climb 1.2% in May after a 0.4% increase in April.
1317: Indicating further evidence of the Kurdistan Region of Iraq gaining greater control over its destiny, the Supreme Court of Iraq today ruled that direct exports from Kurdistan are legal, Morgan Stanley explains to clients.
1220: Shares in Diageo are up 1.4%, leading the gains on the FTSE 100 on continuing market chatter that the beverage company could merge with rival SABMiller (+0.6%). Combining the companies would create a drinks giant worth over £100bn. In a report on Friday, the FT cited analysts at Barclays who said that a merger of the world's number-one spirits firm and number-two brewing business
"would create a potent new force in the total beverage alcohol category".
1205: Sentiment towards UK housebuilders will have to overcome further hurdles over the coming months, including the Bank of England's review of Help-to-Buy in September and a first interest rate hike in November, Deutsche Bank told clients this morning. The broker, nevertheless, is quick to add: "However with the sector trading close to one times' 2015 net tangible asset value (NTAV) we see this as providing interesting entry points for the sector." FTSE 100 down 17 to 6,741.
1055: Liberum's top three buys for June in the small and mid-cap space are Laird, Safestore and Spectris.
1015: easyJet shares are now down over 5% as investors react to a downgrade by Bank of American Merrill Lynch from 'neutral' to 'underperform'. In contrast, Ryanair is up 0.2% after the US bank lifted the shares from 'underperform' to 'neutral'.
1000: The Eurozone's consumer price index (CPI) advanced at a 0.5% year-on-year clip in June, according to a preliminary estimate from Eurostat. That was in line with the consensus estimate. The core rate of inflation, which strips away the effects of rises in the prices of food, alcohol, tobacco and energy, increased by 0.8% year-on-year (consensus: 0.7%).
0930: UK mortgage approvals fell to 61,707 in the month of May, an 11-month low. The consensus forecast had been for a reading of 61,600.
0834: UK stocks have begun the last session of the second quarter with a slight advance. Wall Street ended higher across the board on Friday, with some market commentary referencing supposed progress on the geopolitical front in Ukraine. Brent crude futures are lower in early trading, and now at 112.69. Iraqi government forces have begun an offensive to dislodge ISIS form Tikrit. The Chicago PMI, due out this afternoon, will centre investors' attention Stateside, although markets are likely to be cautious ahead of Thursday's monthly jobs report. Shire is leading gains early on in the Footsie after reports that AbbVie's CEO is visiting London in a bid to woo the UK outfit. A fourth takeover bid is thought to be in the offing, with bankers having told the Sunday Times that it could value the firm at over £50 per share. FTSE 100 up 13 to 6,771.