Market overview: UK economy grew one per cent in latest three months

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LONDON (ShareCast) - 1500: UK gross domestic product expanded at a one per cent rate in the three months ended in April versus 0.8 per cent over the previous three months, according to the NIESR. The UK economy was just 0.17 per cent below its pre-recession peak at the end of April, the think-tank adds.

1310: The FTSE 100 is trading near its lows of the day, down 27 points at 6,812, ahead of what is expected to be a weak start in the US as investors focus on earnings from the likes of CBS and Gap (Frankfurt: GAP.F - news) . Pandora Media (NYSE: P - news) is under pressure ahead of the opening bell on reports that Apple (NasdaqGS: AAPL - news) is looking Beats Electronics, the headphone maker and music streaming service founded by Dr Dre. Apple meanwhile is trading lower ahead of the opening bell.

1230: Three-month copper futures were one per cent higher at 6,724.25 dollars per metric tonne.

1205: Chris Beauchamp, Market Analyst at IG (LSE: IGG.L - news) , has blamed a weak finish in the US last night as the reason for the pull-back today. He said: 'The inability of the Dow Jones to hold above 16,600 is a worrying short-term sign for the bulls and may well signal another swift retest of 16,400.' US stock futures were pointing to a weak open on Wall Street later on with the Dow expected to fall around 0.1-0.2 per cent.

1049: Shares in Tullett Prebon (LSE: TLPR.L - news) and Johnston Press (LSE: JPR.L - news) are falling sharply this morning after both companies said they would cut jobs. Interdealer broker Tullett said it will take a 20m-pound one-off hit this year as it scales back costs and cuts jobs amid a challenging market. Meanwhile, media and publishing firm Johnston Press unveiled a 360m-pound capital refinancing to slash its debt pile and 650 job losses.

0930: Industrial production in Britain slipped by 0.1 per cent over the month in March, as expected. Manufacturing output was higher by 0.5 per cent over the month in March (consensus: 0.3 per cent).

0841: UK stocks have started the day moving lower following the mixed end to trading seen on Wall Street. Overnight the latest Chinese consumer price (CPI (Other OTC: CPICQ - news) ) data clearly undershot forecasts, with the country´s CPI printing at 1.8 per cent year-on-year for the month of April, versus a reading of 2.4 per cent for March and the consensus estimate for a gain of 2.1 per cent. IAG is an early riser on the back of its latest quarterly numbers. Shares in Petrofac (Frankfurt: A0HF9Y - news) , on the other hand, are plummeting after delivering a profit warning this morning. On a more positive note, John Lewis reported sales up 14.5 per cent year-on-year in the week to May 3rd, a performance which Howard Archer at IHS Global Insight describes as a "a very strong performance". FTSE 100 down 18 to 6,821.

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