Market overview: FTSE edges higher after choppy session

1630 (close): UK stocks reversed earlier losses to edge higher on Wednesday. The FTSE 100 closed up 0.65% to 6,098.05 Industrial equipment rental firm Ashtead was the standout gainer after it posted better-than-expected first quarter pre-tax profits of £155m, up 23%, driven by solid revenue growth in the US and UK. The pound was broadly flat against the dollar but gained 0.5% and 3% respectively against the euro and the yen, while Brent crude shed 2.59%.

1605: The US president, Barack Obama, has secured the votes he needed for the passage of a historic nuclear accord with the Islamic Republic of Iran. Barbara Mikulski, a Democratic Senator for the state of Maryland, will give her backing to the agreement brokered by US Secretary of State John Kerry and the other representatives of the so-called P5+1 nations, the Wall Street Journal reports.

1505: US factory orders climbed 0.4% in July to mark the second consecutive month of growth, official data showed on Wednesday. According to figures released by the Commerce Department, June's figures were upwardly revised to show a 2.2% increase compared with the 1.8% rise that was initially reported.However, July's gain was short of the 0.9% hike analysts had expected.

1435: US productivity was revised to a 3.3% annual pace in the second quarter from an original 1.3%, after a revision in gross domestic product that showed the economy grew much faster than initially reported, the Labor Department said on Wednesday.

1331: Barclays has reiterated its overweight stance on these three homebuilders: Redrow, Crest Nicholson and Bellway.

1330: US non-farm labour productivity grew by 3.3% (consensus: 2.5%) in the second quarter while unit labour costs fell by 1.4% in annualised terms.

1315: The US ADP employment report has printed at 190,000 private sector payrolls for August, a whisker below the 200,000 forecast by the consensus. The previous month´s tally was revised lower to 177,000 from 185,000.

1230: Three-month copper futures slipped 0.3% to $5,069 per metric tonne in the LME.

1049: In a research note published today analysts at Morgan Stanley tell clients that Barclays and Credit Suisse have "big" opportunities to cut costs and close the gap in terms of return-on-equity. They recommend 'overweighting' Bank of America, UBS, Credit Suisse, BNP and Barclays. Standard Charted and ICAP were tagged with 'underweight' recommendations.

0942: UK construction activity growth rose less than expected in August, Markit/CIPS revealed. The purchasing managers' index climbed to 57.3 last month from 57.1 in July, missing forecasts for a reading of 57.5. A level above 50 signals expansion in the sector.

0900: UK stocks have recovered ground after a batch of weak manufacturing data sent stocks lower in the previous session. Poor factory reports in China, the UK, Europe and the US weakened sentiment on Tuesday. In particular, two separate figures showing a contraction in Chinese manufacturing fuelled concerns about the slowdown in the world’s second largest economy. “Things are looking a bit better, if still nervy, this Wednesday morning, with the European indices posting sturdy gains as the day began,” said Connor Campbell, financial analyst at Spreadex. “However, the fears over China are still looming above the markets like the sword of Damocles, meaning it is far too early to tell what the state of trading will be by the end of the day."