Market overview: Reckitt Benckiser, IAG lead gains

1630:Close Stocks finished near their best levels of the session, led by gains in Reckitt Benckiser after Chinese authorities appeared to signal a lowered appetite for yuan devaluation and ECB chief Mario Draghi sounded a dovish note on inflation prospects within the euro area. IAG was also the beneficiary of a double upgrade out of analysts at Bank of America-Merrill Lynch. Gains in the commodity space also gave a boost to HSBC. FTSE 100 up 116.68 points to 5,824.28.

1630: Three-month copper futures got a 1.7% boost to $4,567.50 per metric tonne in LME trading.

1400: ECB president Draghi says central bank ready to act if either commodity price falls or hampered transmission mechanism for monetary policy threaten price stability.

1310: Risk-markets are oversold and more likely to rally than fall over the coming month, one of the world's largest brokers told clients on Monday, Morgan Stanley's cross-asset strategy team chimes in.

1200: "Some tactical indicators are again signaling that equities are becoming oversold in the short term, which could argue for a near-term bounce, potentially a bigger and more durable one than the 6-8% up move we saw toward the end of January," Mislav Matejka from JP Morgan says in a research report sent to clients.

0840: Stocks jumped out of the starting gate after china's central bank set a higher daily fix for the country's currency at the start of the week. For Deutsche Bank that may signal lower odds of a large devaluation of the renminbi, the country's currency. Reckitt Benckiser is leading gains early on following its latest full-year figures. Randgold Resources and Fresnillo are lower on profit-taking after China's move. Old Mutual is up, in line with the better sentiment towards emerging markets today. A speech from ECB president Mario Draghi later in the day should be the focus of markets today. To take note of are the weaker than expected Chinese (international trade) and Japanese (GDP) data out over the weekend. FTSE 100 up 114.36 points to 5,821.85.