Morning Markets: FTSE holds firm amid downbeat news

The FTSE was steady at 5620.88 points this morning, despite rating cuts from brokers and a downbeat assessment on the UK economy by a major think-tank.

The blue chip index rose only three points, or 0.03% by 9am. The National Institute of Economic and Social Research said this morning UK GDP would rise only 1% this year and the economy would "crawl". Barclays led the blue chip index down, falling 4.8% to 344p after reporting a 29% increase in first quarter profit. Its net income of £1.07bn rose from £826m this time last year, but undershot some analysts' forecasts. BP was also down, by 1% at 578p after the US government said the oil giant would foot the clean-up bill for a slick in the Gulf of Mexico. Capita Group shed 1.5% ...