Market overview: US GDP data beats thanks to revisions

1331: US GDP expanded at a 2.3% year-on-year pace in the second quarter, coming in below forecasts for a rise of 2.5%. However, that was more than compensated for by an increase of 0.6% over the first three months of the year (consensus: -0.2%). The yield on the benchmark 10-year US Treasury note edged higher by one basis point to 2.29%.

1330: Over the seven days ending on 25 July initial claims increased by 12,000 to reach 267,000, according to the Department of Labour. Economists at Barclays had been expecting a reading of 275,000.

1245: US stocks are expected to fluctuate at open ahead of second quarter gross domestic product data. Analysts predict GDP grew 2.8% in the quarter following a 0.2% contraction in the first three months of the year.

1120: German unemployment rose 9,000 in July, surprising analysts' who had predicted a 5,000 drop. The unemployment rate remained unchanged.

0915: Stocks have started the day higher with many investors setting their sights on upcoming US employment reports following the latest Fed policy statement, which seemed to emphasise the importance of the labour market in the timing of the first rate hike. Results from the likes of RBS and Royal Dutch Shell have pleased in the early going. US Q2 GDP figures due out later in the day will be the key release for traders in this session. Shanghai's equity benchmark reversed intraday gains to end lower by 2.2%. On a more upbeat note, reports indicate the IMF has given its greenlight to the start of talks with Greece. FTSE 100 up 13.97 points to 6,644.96.