EU stocks at three-month high as US agrees to hold back Syrian strike

<p>European shares hold near a three-month high as emerging-market stocks dropped for the first time in six days. US oil slid after President Barack Obama […]</p>

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European shares hold near a three-month high as emerging-market stocks dropped for the first time in six days.

US oil slid after President Barack Obama called for a pause in authorising military strikes on Syria, while metals have gained.

Asian stocks stalled after nine days of gains, while investors gave the yen a wide berth following growing optimism for the Chinese economy and receding worries about US military strikes on Syria.

Apple unveiled two new iPhones in a strategic shift by Chief Executive Officer Tim Cook to reach a broader range of customers around the world.

Barratt Developments reported its second full-year profit since 2008 as the company widened margins by building on cheaper land.

Sports Direct posted an 18.2% rise in first-quarter sales, sustaining a strong performance that is set to lift it into the UK’s leading share index.

Kingfisher met forecasts with a 1.6% drop in first-half profit as a better second quarter was not enough to fully offset the impact of poor weather in the first quarter.

The Telegraph has reported that Royal Dutch Shell have shelved an £8.3 billion project to build a refinery and petrochemical plant in Eastern China after losing political support.

Tesco agreed to sell most of its Fresh & Easy chain to Yucaipa Investment Company, allowing the UK grocer to exit endeavours in the US.

In indices, the FTSE is trading at 6530, the DAX at 8358 while the Wall Street Index closed yesterday at 15063.

In economic data, the UK Claimant Count Change / Unemployment Rate was announced at 9.30am UK time. Upcoming data includes US Crude Oil Inventoriesat 3.30pm and a speech by MPC member Miles at 4.30pm.

We also have 10-year bond auctions for Germany in the US at 6pm today.

In earnings reports, Next and Centaur Media will be reporting earnings announcement tomorrow.

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