The FTSE 100 has opened flat following yesterday's climb as markets await European bank stress tests results.
UK retail sales and eurozone services, manufacturing and industrial orders data all beat forecasts, nudging indices upwards yesterday. The FTSE 100 closed 2% higher and the S&P 500 finished up 2.3% last night. The Nikkei 225 in Tokyo also rose 2.3%.
This morning the FTSE was down 0.06% after falling 3.17 points to 5,310.
Four of the UK's banks, RBS, Lloyds, HSBC and Barclays are amongst the 91 European banks under the microscope in today's stress test results. The FSA has already said it expects the UK banks to pass the tests.
Vodafone was one of the largest risers, up 4.8%, after reporting revenues of £11.3bn in the first quarter to June 30. Profits were driven by the popularity of more sophisticated handsets as well as rising demand in India and Turkey.
ARM Holdings was the main force driving the index, climbing 5.31%, following the news it has signed a new licensing agreement with Microsoft.
InterContinental Hotels Group, Kazakhmys and Cairn Energy were also in the top five winners this morning.
At the bottom end of the top blue chip companies was Intertek Group which fell 1.77% - while Smith & Nephew, BT, Rolls Royce and Standard Chartered have all posted losses of 1.5%.
