Market overview: CBI distributive trades index beats forecasts

1100: The Confederation of British Industry’s Distributive Trades survey total sales index slipped to a reading of 39 for February from 61 in the month before (consensus: 33).

1000: Reports citing Reuters say China’s State Reserves Bureau has changed to a flexible buying plan for copper this year after having gone over its quota system for 2014.

0900: The consumer price index in the German state of Saxony dropped to a -0.3% year-on-year pace from 0.5% in the month before. Economists at Barclays had been expecting a reading of 0.2%.

0844: Overnight Barclays Research lowered its forecast for the average price of Brent crude this year to $44 per barrel from the $72 per barrel which were seen in December of last year.

0819: UK stocks have begun the morning moving lower led by stock in Royal Dutch Shell. The company has delivered fourth quarter results which were 20% below consensus estimates. Broker Charles Stanley has downgraded the shares to accumulate from buy. Antofagasta is trailing close behind following the firm’s production report yesterday. Wall Street finished lower overnight in the wake of the Federal Reserve’s latest policy statement. Results from Google are scheduled for release after the close of trading tonight. FTSE 100 down 49 points to 6,767.95.