FTSE flat on news that UK GDP shrank 0.3% in last quarter; Premier Foods down 14%

<p>Watch Daniel Lewis on Monday 28th January as he brings you all the latest news from the City Index trading floor. Losses can exceed your […]</p>

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Watch Daniel Lewis on Monday 28th January as he brings you all the latest news from the City Index trading floor.
Losses can exceed your deposits.

The FTSE is pretty much flat this morning, up just a few points at 6288 after strong gains last week were dampened by news that GDP shrank 0.3% in the UK in the last quarter of 2012.

The DAX and CAC are doing slightly better, up 15 and 10 points respectively at 7867 and 3781, with all markets being buoyed by confidence about China.

Wall Street closed up 70 points at 13895, thanks to strong corporate results from companies such as Proctor and Gamble, which gained 4%.

Also worth noting, the SP 500 has just broken the important 1500 level as it continues edging towards 2007’s all-time high of 1576.

Back in the UK, Premier Foods started off the session down over 14% as it announced that its chief executive Michael Clarke had resigned. The company has since recovered a little to down just under 9%.

Similarly Easyjet was down 1.6% after the airline announced its chairman Sir Mike Rake would stand down in the summer.

At the bottom of the FTSE 100, outsourcing company Capita Group has taken a 2% hit after being cut to a ‘sell’ by Cannacord Genuity.

Earnings season is still in full swing this week, with hopes high that strong reports continue.

Today’s big results include Centamin Egypt and Yahoo in the US, although for big UK results we’ll have to wait until later in the week, with Thursday being a big day.

Finally, watch out for core durable goods and pending home sales data in the US at 1.30pm and 3pm GMT respectively.

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