FX and commodities update: GBP/USD is down 12 pips at $1.5634; EUR/USD is down four pips at $1.3329; USD/JPY is down 33 pips at Y97.21. Brent crude oil is down 89 cents at $108.91; gold is down $7.70 at $1358.
London: The FTSE 100 is down 63 at 6401.
Latest news: Once again the FTSE is going to be driven by the mining sector today, and with another two of the larger miners posting disappointing figures and huge write-downs, the overall tone will be negative. Jitters will be felt by traders ahead of tomorrow night’s Fed FOMC minutes. Speculation has increased that we will see a $10 billion reduction to the US QE programme in its September actions.
Stocks: Glencore Xstrata has posted disappointing figures, weighed down with a larger-than-expected write-down of assets by $7.7 billion. BHP Billiton has also seen profits drop by over 30%; new CEO Andrew Mackenzie, who took up the role in May, has targeted an 18% cost-cutting exercise. Both shares are likely to suffer in early trading.
The day ahead: Once again there is a scarcity of economic data for the markets to absorb. The only thing out is monthly German PPI figures, which are weaker than expected.
All figures as at 8.30am (London time).