FTSE led higher by Lloyds; Shell slides after announcing Q2 earnings loss

<p>Last night the Fed confirmed that they intend to maintain their $85bn Bond Buying Pace and the BoE has just announced that they will maintain […]</p>

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Last night the Fed confirmed that they intend to maintain their $85bn Bond Buying Pace and the BoE has just announced that they will maintain their current level of asset purchases. The FTSE is currently trading up around 30 points at 6638 and Dow Futures are up 87 points, trading at 15593.

The FTSE is being led upwards by Lloyds, who announced that they made a £2.1bn profit for the six months to the end of June. This compares to a loss in the same period in 2012 of £456mn. Royal Dutch Shell was one of the big losers of the session so far after announcing a fall in profits for second quarter earnings, which were down $1.1bn.

Aggreko shares also fell this morning after the company stated that they are taking a cautious approach to business in the second half of the year but stated that year end expectations should be in line with predictions. After an initial spike post the FOMC announcement, EUR/USD has moved lower and is currently trading at 1.3240. Cable demonstrated a similar pattern but the pound has strengthened this morning and is trading at 1.5187.

The minimum bid rate for the eurozone will be announced at 12.45pm and the ECB will be holding a press conference at 1.30pm. We also have an ISM manufacturing figure from the US at 3pm. That’s it for today, we will be back tomorrow with another update.

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