Sluggish start for equity markets

In mid-morning trading the FTSE 100 is down five points.

Mixed reports from China overnight have left traders perplexed; headline GDP figures exceeded expectations, but this was offset by the lower-than-expected industrial production and fixed asset investment numbers. The mining sector had a good run last week on the back of bargain hunting and broker upgrades, and after the Chinese numbers today it doesn’t know which way to turn . 

Deutsche Bank’s quarterly loss is dragging the entire banking sector lower; the German bank revealed a drop in revenue and was hit by litigation costs topping €500,000 euros. 

Royal Dutch Shell is in the red again after reporting a profit warning on Friday. 

Mothercare is in demand as there is talk that Tesco is interested in launching a takeover bid for the struggling retailer. The share price is up 4%.

The US equity market is closed as it is Martin Luther King Day. 

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