Mineral extractors lead FTSE higher

In mid-morning trading the FTSE 100 is up 30 points as mineral extractors lead the market higher.

We have had two updates on Chinese manufacturing overnight. The survey conducted by HSBC shows the sector is in contraction, while the official report from Beijing shows a tiny increase in manufacturing; either way manufacturing output is sliding. When it comes to manufacturing in China, bad news is good news; soft manufacturing figures increased speculation that the People's Bank of China will inject cash into the bank system to ensure it achieve its growth target.

Scottish engineering firm Weir Group is in discussion with rival Metso as it looks into expanding it's empire by purchasing the Finnish firm for £3.3 billion. 

Aberdeen Asset Management revealed a net outflow of funds, as the emerging market currency crisis in February prompted a flight to quality.

Just Eat has set a flotation price between 210-260p, which would imply a market valuation of £1.2-£1.47 billion. IG clients are indicating a market capitalisation of £1.3 billion. 

Alibaba, the Chinese ecommerce giant, is set to float and we have seen some selling recently. IG clients are now anticipating a market capitalisation of $210 billion. 

In the US we are expecting the Dow Jones to open 23 points higher at 16,480, as Janet Yellen’s comments about continued stimulus are still resonating with traders. 

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