Market overview: Strength in retailers offset by weakness in miners

1630: Close UK stocks ended the session sharply lower, as the slide in oil prices resumed and the Russian Rouble dropped like a stone, surrendering almost 10% in one go. Retailers such as Kingfisher and Dixons Carphone were a source of strength, but failed to offset weakness in the miners and Sky. The former were weighed down by a report from Credit Suisse auguring a sustained period of low prices for iron ore. The Swiss broker did however raise its copper forecasts. Sky came under selling pressure on the heels of a report from Liberum warning the company needs to win most of the rights to show Premier League matches. FTSE 100 down 117.91 points to 6,182.72.

1617: The Russian Rouble is now losing 9.1% to 63.59 versus the US dollar. Industrial production contracted at a 0.4% year-on-year pace in November. That was far weaker than the 1.2% gain which had been projected.

1600: Front month West Texas crude futures are now falling 1.52% to $56.90 per barrel on the NYMEX, dragging the Footsie lower. As an aside, it is worth noting that Credit Suisse has lowered its commodity price estimates, including for an extended period of low iron ore prices, albeit close to current spot prices. BHP Billiton and Antofagasta are among the broker's least preferred stocks in the sector the analysts said in the research note.

1519: Shares in Sky are moving lower after broker Liberum called attention to the risks the broadcaster faces if it cannot win most of the right to show Premier League matches.

1500: The NAHB's housing market index for December improved to a reading 57 for December, down from the prior month's level of 58 (consensus: 59).

1449: RBC Capital Markets has downgraded its view on shares of BHP BIlliton to underperform from sector-perform.

1415: US industrial production grew by 1.3% month-on-month in November, coming in ahead of the 0.7% rise forecast by analysts.

1403: Canadian Pension said to be weighing a counterbid from Spanish oil major Repsol for Talisman Energy.

1302: There was weakness to be seen in again in the Russian Rouble on Monday after the US Congress authorised the supply of military aid to Ukraine and passed a bill which contemplates tougher sanctions against the Kremlin. As of 13:02 the Russian currency was 3.53% weaker versus its US counterpart at 60.338, after having earlier touched an intra-day low of 60.47.

1200: The Confederation of British Industry's industrial trends total orders index improved for a second month running to +5% for December, after having hit a 15-month low of -6% in October. That was slightly better than the +3% expected by economists.

1034: Shares in BT Group are gaining a little bit of ground. People familiar with the matter said its negotiations to buy one of Britain’s two largest wireless operators gained momentum over the weekend, Bloomberg reports.

1026: Shares in Evraz are moving lower after the company reportedly decided to delay the initial public offering of its North American units until next year as a result of the decline in the price of oil. A sale had been expected towards the middle of this month.

1009: The yield on 10-year Greek government bonds is staging a small retreat, of eight basis pints, to 9.07%.

0956: The EU’s finance commissioner, Pierre Moscovici, is to fly into Athens today after the Greek government’s abrupt decision to bring forward the presidential elections. Nevertheless, and in a positive development, Greek leftist party Syriza’s lead over the ruling conservatives has narrowed slightly, weekend polls showed. The results of two polls published on Sunday showed its advantage had shrunk to 2.8% and 3.6%, respectively.

0913: Both the FTSE 100 and FTSE 250 have started the session higher, led by oil companies’ shares, on the back of a bounce in energy quotes. Front month Brent crude futures are rising by 1.8% to hit $62.97 per barrel, apparently after Bloomberg reported that Libya was forced to declare “force majeure” at two of its ports, Es Sider and Ras Lanuf, which have a combined capacity to export 560,000 barrels of oil per day. There is little in the way of UK economic news due out today, except for the Confederation of British Industry’s latest industrial trends total orders index for the month of December. FTSE 100 up 31 to 6,331.