Market overview: Chicago PMI drops unexpectedly in May

1445: MNI's regional Chicago manufacturing sector purchasing managers' index slipped to a reading of 46.2 for May from 52.3 (consensus: 53).

1330: Revised data show US gross domestic product shrank at an annualised pace of 0.7% in the first three months of the year. The preliminary estimate from the Department of Commerce was a contraction of 0.2%. Economists had been expecting a fall of 0.9%.

1330: Canada's gross domestic product contracted unexpectedly in the first three months of the year, dropping by 0.7% quarter-on-quarter (consensus: 0.3%).

1309: If the Fed can raise interest rates in September it will, Morgan Stanley says.

1201: RBS reiterates buy recommendation and 510p target price. After meeting on Thursday with chief Ross McEwan the analysts say they came away emboldened that management will deliver on its restructuring plans, and generate excess capital and improving returns as a result.

0829: Stocks have begun the morning slightly higher despite a warning overnight from IMF Managing Director Christine Lagarde that she cannot preclude a Greek exit. Associated British Foods is doing best in the early going after Goldman Sachs upped its target price on the shares to 3,120p from 2,755p. Barclays has upped its view on Ophir Energy to overweight. Ashtead is seeing some follow through selling from Thursday. All eyes will now turn to the release of revised US first quarter GDP data scheduled for later on Friday. FTSE 100 up 8.48 points to 7,049.40.