Market overview: Fighting intensifies in Ukraine
1611: Two columns of Russian vehicles were destroyed near the Ukrainian city of Ilovaysk, Bloomberg is reporting.
1500: US pending home sales grew 3.3% month-on-month in July (consensus: 0.5%).
1447: A meeting of the UN security council has been convened to address the situation in Ukraine.
1333: The second estimate of Q2 US GDP was revised up to show annualised growth of 4.2% from the initial estimate of 4% (forecast: 3.9%). US jobless claims unexpectedly fell 1,000 to 298,000 last week (forecast: 300,000).
1220: Ocado shares are down 13% after broker Redburn downgraded the stock from 'buy' to 'sell' and slashed its target price from 500p to 257p. Analysts at Charles Stanley said that the stock trades at a current-year PE multiple of "a staggering 171 times - even after today's share price fall" despite 14 years of losses. "The lack of a profit in 14 years of operations is not a track record that should please Ocado investors. However, if the business is viewed as a technology company which could make significant profits in the future, then its rating could be justified. However, major question marks remain - and many in the Square Mile remain sceptical," Charles Stanley said.
1024: Eurozone economic confidence fell to 100.6 in August from a downwardly revised 102.1 in July, missing forecasts for reading of 1006. Separately, consumer confidence in the euro-area was confirmed at -10.0 in August, as expected.
0915: There are two big movers on the FTSE 250 today. CSR is up 24% after the FT said the UK chipmaker has received takeover offers from a number of rival semiconductor manufacturers and could fetch a price of as much as $3bn, compared with Wednesday's closing price of $1.57bn. Meanwhile, inkjet printing technology firm Xaar is down 22% after a weakening in third-quarter sales cast a further pall over already-disappointing interim results, with full-year expectations downgraded.
0830: Uncertainty regarding the ECB's future moves has prompted investors to take profits this morning after the FTSE 100 reached an eight-week high yesterday. Heightened geopolitical tensions are also weighing on sentiment after the US claimed that Russia may be directing attacks by rebels in Ukraine. Mining stocks are bearing the brunt of the reduced risk appetite early on. The FTSE 100 is down 14.58 at 6,816.08. The index closed at 6.,830.66 on Wednesday, its highest finish since 4 July (6,866.05).