Market overview: Stocks dip as JP Morgan warns bounce nearly over

1630:Close Stocks ended the session lower with financials doing worst as a group. BP was also to be seen lower following a drop in crude oil futures and after analysts at Exane revised its targets on its stock and that of rival Royal Dutch Shell lower. That followed weak data out on Monday on Chinese and Eurozone manufacturing and amid a warning from JP Morgan that the recent bounce in stocks was nearing an end. Home Retail led to the upside on the back of a report that Sainsbury might be set to offer up to 165p a share for the company. FTSE 100 down 23.69 to 6,060.10.

1617: Front-month Brent crude futures are now down by 3.98% to $34.61 per barrel on the ICE.

1602: ECB´s Draghi says policy will be reviewed and stance reconsidered at March governing council meeting.

1510: Citi has reiterated its buy stance on real estate. "We believe lower but still positive economic growth expectations; lower rate rise expectations, limited development supply and global uncertainty are likely to extend the drivers of higher real estate values. Nervousness in markets has left stock valuations of higher income growth stocks attractive, particularly in the UK," Citi says.

1509: JP Morgan has lowered its stance on global equities to 'neutral' from 5%-overweight.

1500: ISM manufacturing PMI edged higher in January from a reading of 48.0 to 48.2 (consensus: 48.4).

1450: A report citing sources claims Sainsbury and Home Retail are discussing a deal at between 160p to 165p per share.

1330: US personal income and spending increased by 0.3% and 0.1% month-on-month in December, versus forecasts for increases of 0.2% and 0.1%, respectively. November´s rise in personal spending was revised up to show a gain of 0.5% versus a preliminary estimate of 0.3%.

1330: Three-month copper futures are edging lower by 0.3% to $4,524 per metric tonne on the LME.

0930: Markit´s UK manufacturing sector PMI for January has come in at 52.9, versus expectations for a reading of 51.6. Mortgage approvals rose to a 70,837 clip in December (consensus: 69,600).

0900: Markit´s purchasing managers´ index for the Eurozone´s factory sector was unchanged at last month´s level of 52.3 (consensus: 52.3).

0900: Stocks were trading nearly unchanged and around Friday´s closing levels on the first trading day of the new month, with investors anxious to put a tough January behind them. Mixed data overnight on the state of China´s manufacturing sector were weighing on sentiment ahead of the release of factory data out of the Eurozone, UK and US. A speech from the vice President of the US Federal Reserve, Stanley Fischer, after the close of trading, was also set to be closely followed. Defensives such as AstraZeneca and tobacco stocks were at the bottom of the pile. FTSE 100 down 3.04 points 6,080.75.