Market overview: FTSE 100 ends lower amid uncertainty over Scottish vote

1630 Close: The FTSE 100 ended down 2.75 points to 6804.21 amid uncertainty surrounding the outcome of Scotland's referendum on independence from the UK and weak data out of the US and China. The Queen has urged Scots to think carefully when they vote on Thursday. In the US, a report showed industrial output declined unexpectedly in August while in China industrial output eased the same month. Sports Direct and easyJet were the top fallers while SABMiller and Pearson were the biggest risers.

1534: Some investors in Barclays may see the appointment of John Mcfarlane as a 'win-win', either he is able to deliver on the current strategy and raise the lender's return on equity (RoE) above its cost of equity (CoE) or failing that he might instigate changes like those carried out at Viva, Berenberg says citing recent newsflow on the lender. To take note of, they highlight the fall seen in Aviva stock following chairman Mcfarlane's departure, a potentially good sign for Barclays.

1530: Historically equities have tended to keep rising ahead of the first rate hike and then flattening just before. Following the increase a small dip usually ensues, of approximately 5-6%, as worries creep in that the Fed might have made a “policy mistake” by raising rates too soon. Three to six months afterwards the hike stocks resume their upwards push. “The key is that one should not be shorting stocks into the first hike, but buy any dip,” analysts at JP Morgan write in a strategy note on Monday.

1415: US industrial production declined by 0.1% over the month in August (consensus: 0.3%), led by a 0.4% fall in manufacturing output.

1411: CNBC is reportedly citing sources to the effect that Inbev is not talking for financing for a possible purchase of SABMiller nor in talks with the London-listed group.

1330: The Federal Reserve bank of New York's manufacturing sector index for the month of September rose to 27.5 from 14.7 in the month before (consensus: 16). Despite the headline beat the sub-indices which are derived from actual activity were a bit weaker, particularly the barometre for employment, which dropped to a nine-month low of 3.3, Capital Economics pointed out.

1330: Three-month copper futures on the LME are down by 0.2% to $6,820 per metric tonne.

1239: Anheuser Busch-Inbev is sounding out banks regarding financing for an approximately £75bn purchase of rival SABMIller, The Wall Street Journal reports.

1143: SABMiller shares continue to rise despite the company being rebuffed in an approach for Heineken. According to analysts at Numis, SABMiller is now "in play" and could attract AB InBev. "The two companies have complementary geographical footprints, although there would be obvious competition concerns," they said. Analysts at Canaccord Genuity also added to speculation, saying: "That SABMiller’s inorganic options have been so publicly lessened puts ABI in an even stronger position, should it choose to make a move on SABMiller."

0955: Dixons Carphone is trading up 2.1% after the news that Phones 4u has gone into administration. According to analysts at Investec, "for Dixons Carphone there could be an opportunity to capture market share in the medium term as customers roll off two-year agreements and switch from P4U to other retailers (either directly or via an independent)".

0944: More likely than not any offer for SAB Miller from Anheuser-Busch Inbev will come over the next 18 months.

0924: Commenting on Gregg’s latest update analysts at N+1 Singer tell clients they see “fair value towards 7-7.5 times fiscal year 2015 EV/EBITDA, implying a share price greater than 650p."

0844: UK stocks started the morning moving lower, tracking the losses seen last Friday on Wall Street, as investors position themselves ahead of Wednesday’s Fed policy meeting. To take note of, analysts seem to be coming out of the wood work in the run-up to Thursday’s Scottish referendum - warning of the potential long-term costs and consequences of a break-up of the UK. Also weighing on equity markets is a spate of weaker than expected Chinese data over the weekend, although analysts admit that the most recent statistics may be exaggerating the extent of the slowdown in that economy. M&A activity is the name of the game on Monday morning. SABMiller is in the lead despite being rebuffed in its attempts to take over rival Heineken. MicroFocus is leading gains on the FTSE 250 after unveiling plans to merge with Attachmate Group in a $2.4bn deal. FTSE 100 down 26 to 6,781.