Market overview: Coca Cola snaps higher on cease-fire hopes

1541: Shares in Coca Cola HBC continue to lead gains on the top flight index on hopes that this weekend's ceasefire deal in Ukraine will hold.

1330: US retail sales volumes dropped by 0.8% month-on-month in January, to reach $439.771bn, according to the US Department of Commerce. The consensus estimate had been for a fall of 0.4%. Sales at gasoline stations declined by 9.3% in comparison to January and those of motor vehicles and parts dealers by another 0.5%.

1146: Shares of Tullow Oil are now at the bottom of the pile on the Footsie after analysts at SocGen downgraded the shares to hold from buy. The same broker has lowered its view on Cairn Energy and Premier Oil to sell.

1045: The Bank of England has indicated that the first interest rate hike is likely in 2016 and expects inflation to fall further in the near term. In its Inflation Report on Thursday, the central bank indicated that UK inflation is likely to be dragged to zero in the second and third quarters amid depressed energy prices. The FTSE 100 is up 0.5% at 6,852.

0957: The leaders of Russia and Ukraine have agreed on a cease fire in eastern Ukraine, due to start on 15 February. After talks with Petro Poroshenko, Vladimir Putin said: “We have managed to agree on the main issues.”

0943: Sweden’s central bank has this morning cut its main rate to -0.1% from zero, the first time it has been in negative territory. It also announced a bond-buying programme worth 10bn kronor (£770m).

0915: Zoopla is in the red after reporting a 11% y-o-y fall in UK agency numbers in the first quarter due to the impact of the launch of rival website OnTheMarket in January. Canaccord Genuity however said the trading update was in line with its expectations but has downgraded its stance for online estate agents portal from ‘buy’ to ‘hold’ after a decent run in the stock over recent sessions.

0830: Despite the inconclusive talks between Greece and the Eurogroup yesterday night, UK stocks have risen early on as investors hunt for bargains after a four-day losing streak. Rio is among the risers after hiking its full-year divi by 12% and announcing a $2bn cash return, while Imperial is advancing after reiterated full-year targets. The FTSE 100 is up 0.2% early on.