Market overview: FTSE cutting losses but commodities still weigh

1245: The FTSE 100 is still in negative territory but is cutting earlier losses. The index is down 0.24% at 6,377.97, with the retreat still headed by Anglo American down 6.7%, Fresnillo down 3.5%, BHP Billiton down 3.2% and Antofagasta down 3.09%.

1201: At midday European stock indices have shaken off early losses as encouraging data and hopes of further easing from the European Central Bank helped to underpin sentiment following heavy losses in China, though London's FTSE 100 is being held in negative territory by its preponderance of mining stocks all being in decline. At noon, the benchmark Stoxx Europe 600, Germany’s DAX and France’s CAC 40 were all 0.2% higher, with the FTSE down 0.27%.

Oil prices are weighing, with Brent crude down 0.91% to $45.05 per barrel and West Texas Intermediate down 1.04% to $42.05 per barrel at not long before noon.

1140: Anglo American is leading the FTSE 100 fallers as it announced the closure of its Drayton mine in Australia.

1110: A quiet start to today's Black Friday sales has been reported. Retail footfall is expected to be lower than previous years, with sales spread out over a longer time and there’s a view that it will be more weighted to online. Retail analyst Nick Bubb said reports from Oxford Street and Tesco's London superstores signalled a quiet start to the day.

1040: Petra Diamonds shares are sparkling a little more brightly after it said it had recovered a 23.16 carat pink diamond of “exceptional colour and clarity”. The diamond mining group said the stone is “the most significant recovery by Petra from the mine to date”.

1020: Imagination Technologies shares are being hit hard after a gloomy note from JP Morgan Cazenove which highlighted tough comparatives for key client Apple. As a result of broker upgrades, several stocks are enjoying an easier ride this morning. Betfair was boosted by a Deutsche Bank note, Zoopla recouped some of its recent losses after upgrades by both Exane and Investec, after losing almost a quarter of their value NAHL was a little stronger as Investec gave a more positive reading on the company's prospects after investors were spooked by proposals in the Chancellor's Autumn Statement.

1010: Economic confidence in the Eurozone reached its highest level in over four years in November, figures released on Friday showed. According to data released by the European Commission, an index of executive and consumer confidence rose from an upwardly revised 105.9 in October to 106.1 in November, the highest reading since May 2011.

1005: The real estate investor index is down as UK house prices growth was shown to have slowed by more than expected in November, marking the smallest rise since June. The Nationwide building society's house price index rose 0.1% in November compared to the previous month, down from the 0.6% monthly rise recorded in October, and lower than the consensus forecast for a 0.50% increase.

Looking to the next few months, economists said the Chancellor George Osborne's new 3% surcharge on Stamp Duty on buy-to-let (BTL) properties and second homes, which was announced this week and will come into force from April 2016, could lead to a frantic rush as prospective investors snap up properties in the next four months to avoid the new charge.

0930: A second reading of the UK's GDP showed a 0.5% rise in the third quarter compared to the previous quarter, as forecast and in line with the first estimate. The economy grew 2.3% year-on-year, also in line with estimates and the initial reading.

0920: Stocks in London and Europe ticked lower on Friday morning, following the lead of Asia. The FTSE 100 is down 0.45% to 6,364.16 and the 250 by 0.19% to 17,183.67. Earlier, Shanghai's composite index tumbled 5.5% as it emerged several brokerages in China were being investigated for alleged violation of securities regulations, while in Tokyo the Nikkei fell 0.30% following data that showed lower unemployment but low inflation that showed need for continued stimulus. In London, commodities are reversing yesterday’s rally and, as investors awaited the release of gross domestic product data at 0930, Anglo American, Fresnillo, BHP Billiton and Rio Tinto were the top fallers.