FTSE breaks above 6600

In London the equity benchmark is up 0.6% this morning, as positive corporate earnings boost investor confidence.

The UK reporting season kicked off this week, and traders have welcomed the results which have overall been strong.

Tullow Oil posted a 15% rise in pre-tax profits for the first six months of this year. The company has encountered a number of setbacks over the past 18 months such as plugging empty wells, but the stock is trading up 1.5% at 1043p.

The owner of British Gas, Centrica, has reported a 9% rise in first-half profits. This boost may attract public criticism as the company increased gas prices in November, but the share price is still up 1%.

Antofagasta, the Chilean copper mining company, reported a 2% drop in second-quarter production levels, but is still on track to hit its full-year target. The stock is trading at 894p, up 2.2%.

The banking sector recouped some it its losses from yesterday, and Lloyds and RBS are reporting their figures tomorrow and Friday.

Unemployment in the eurozone remained at 12.1% in June. This is the fourth consecutive month it remained unchanged, which is a sign that the region is stabilising.

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