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London open: Tullow Oil and HSBC lead early gains

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LONDON (ShareCast) - Stocks began the morning weaker on the back of inconclusive talks over the weekend between Greece and its international creditors. As of 09:06 the FTSE 100 was lower by 31.88 points to 7,038.82 points.

The main European equity benchmarks were similarly fragile in early trading on Monday. The Dax-30 was down by 50.45 points or 0.43% to reach 11,760.40 points. Meanwhile, the Cac-40 was losing 62.03 points or -1.20% to 5,138.82 points.

Commenting on the situation in Greece, Craig Erlam, Senior Market Analyst at Oanda said: "Whenever we hear about discussions taking place between Tsipras and Merkel, the feedback we hear tends to be quite positive and encouraging. Then we have a meeting of the Eurogroup and Greece suddenly looks on the brink of default again. I'm not sure if Tsipras and Varoufakis are playing a game of good cop, bad cop here but whatever they're doing, it's baffling investors." Greek officials were expected to hold a teleconference with officials in Brussels later on Monday before a face-to-face meeting scheduled for Wednesday.

As of 09:13 the yield on 10-year Greek sovereign bonds was 17 basis points higher to 12.75%.

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Acting as a backdrop, reports that rate-setters at the People´s Bank of China (HKSE: 3988-OL.HK - news) (PBoC) might be open to considering quantitative easing have a boost to Shanghai equities overnight and was also propping up shares of miners and the prices of industrial metals early on Monday morning.

HSBC and Tullow Oil (LSE: TLW.L - news) lead to the upside HSBC was the best performer on the top flight index on reports the lender may spin off its UK division into a separate business, which could see the revival of the old Midland Bank. That may come in parallel to the bank´s review of its UK domicile, the Sunday Times reported.

Shares (Berlin: DI6.BE - news) in Tullow Oil are benefitting from a report over the weekend that the International Tribunal for the Law of the Seas ruled in its favour, allowing the outfit to continue with its exploration activities offsghore Ivory Coast.

An investigation at Diageo (LSE: DGE.L - news) 's 54.78%-owned Indian arm United Spirits (BSE: UNITDSPR4.BO - news) (USL) has led it to demand the resignation of the business's chairman Vijay Mallya, though the 'liquor King of India' has refused. The internal inquiry, led by Pricewaterhousecoopers, conducted into loans given by USL to numerous Mallya's group companies found "various improprieties and legal violations", leading to the board of USL stating on Saturday (Shenzhen: 002291.SZ - news) that it had lost confidence in Mallya continuing in his role as a director.

British Gas owner Centrica (LSE: CNA.L - news) continues to trade in line with the guidance provided at the time of its 2014 Preliminary Results in February, with improved year-on-year profitability downstream expected to be more than offset by the impact of lower commodity prices on the upstream business. Commenting on the results analysts said the fact there is no further negative surprise is aprobably a bit reassuring.

Royal Bank of Scotland (LSE: RBS.L - news) has sold another portfolio of loan commitments to Japanese lender Mizuho for a cash consideration of $500m. In the year ending 31 December 2014 the securities generated a profit aftertax of approximately $20m. Upon disposal the transaction will generate a loss, net of unamortised fees, of about $30m (£20m). The sale follows that announced on 26 February when RBS sold a protfolio of US and Canadian loan commitments.

Market Movers techMARK 3,248.34 -0.53% FTSE 100 7,045.81 -0.35% FTSE 250 17,693.95 -0.20% FTSE 100 - Risers HSBC Holdings (Xetra: HBC2.DE - news) (HSBA) 646.70p +2.70% Standard Chartered (Other OTC: SCBFF - news) (STAN) 1,092.00p +2.06% Sports Direct International (LSE: SPD.L - news) (SPD) 625.00p +1.96% Anglo American (LSE: AAL.L - news) (AAL) 1,091.00p +0.83% Associated British Foods (LSE: ABF.L - news) (ABF) 2,789.00p +0.65% WPP (WPP (LSE: WPP.L - news) ) 1,583.00p +0.57% Prudential (PRU (HKSE: 2378-OL.HK - news) ) 1,641.00p +0.55% Imperial Tobacco Group (IMT) 3,323.00p +0.54% Whitbread (WTB) 5,355.00p +0.37% Centrica (CNA) 265.20p +0.26% FTSE 100 - Fallers ITV (ITV (LSE: ITV.L - news) ) 264.90p -1.74% Tesco (TSCO) 220.95p -1.71% RSA Insurance Group (RSA) 415.20p -1.68% Barratt Developments (LSE: BDEV.L - news) (BDEV) 532.00p -1.66% Taylor Wimpey (LSE: TW.L - news) (TW.) 166.50p -1.60% Marks & Spencer Group (MKS) 546.50p -1.44% AstraZeneca (Swiss: AZN.SW - news) (AZN) 4,687.50p -1.31% British American Tobacco (LSE: BATS.L - news) (BATS) 3,698.00p -1.29% Smith & Nephew (LSE: SN.L - news) (SN.) 1,169.00p -1.27% Lloyds Banking Group (LLOY) 78.18p -1.16% FTSE 250 - Risers Supergroup (SGP) 990.00p +4.82% Vedanta Resources (Other OTC: VDNRF - news) (VED) 647.50p +2.53% Hunting (Frankfurt: 0YT.F - news) (HTG) 595.00p +2.23% Tate & Lyle (LSE: TATE.L - news) (TATE) 618.00p +2.15% Ocado Group (Other OTC: OCDGF - news) (OCDO) 349.20p +2.05% Tullow Oil (TLW) 426.50p +2.03% AL Noor Hospitals Group (ANH) 895.00p +1.70% Premier Oil (LSE: PMO.L - news) (PMO) 171.40p +1.60% UBM (UBM (LSE: UBM.L - news) ) 556.00p +1.46% Jardine Lloyd Thompson Group (JLT) 1,052.00p +1.45% FTSE 250 - Fallers UDG Healthcare Public Limited Company (UDG) 517.50p -2.45% Lonmin (LMI) 140.40p -2.36% Serco Group (Other OTC: SECCF - news) (SRP) 131.80p -2.30% Paragon Group Of Companies (PAG) 428.30p -2.01% Drax Group (LSE: DRX.L - news) (DRX) 392.60p -1.75% Allied Minds (Other OTC: ALLWF - news) (ALM) 683.00p -1.66% Polymetal International (LSE: POLY.L - news) (POLY) 542.50p -1.63% Smith (DS) (SMDS) 361.70p -1.52% Zoopla Property Group (WI) (ZPLA) 186.80p -1.42% Diploma (DPLM) 811.00p -1.40% FTSE TechMARK - Risers Triad Group (LSE: TRD.L - news) (TRD) 12.50p +2.04% Vectura Group (LSE: VEC.L - news) (VEC) 156.50p +0.97% Oxford Instruments (LSE: OXIG.L - news) (OXIG) 923.00p +0.76% NCC Group (LSE: NCC.L - news) (NCC (BSE: NCC6.BO - news) ) 206.50p +0.49% SDL (Shenzhen: 002658.SZ - news) (SDL (LSE: SDL.L - news) ) 461.50p +0.33% KCOM Group (LSE: KCOM.L - news) (KCOM) 93.75p +0.27% FTSE TechMARK - Fallers Oxford Biomedica (LSE: OXB.L - news) (OXB) 11.25p -2.17% Anite (AIE) 82.50p -1.20% Dialight (DIA) 695.50p -1.14% Optos (OPTS) 338.50p -1.02% E2V Technologies (LSE: E2V.L - news) (E2V) 230.00p -0.76% Consort Medical (LSE: CSRT.L - news) (CSRT) 935.00p -0.74% Skyepharma (SKP) 318.25p -0.70% Spirent Communications (Other OTC: SPMYY - news) (SPT (Taiwan OTC: 8431.TWO - news) ) 90.25p -0.55% XP Power Ltd (LSE: XPP.L - news) . (DI (KSE: 003160.KS - news) ) (XPP) 1,453.00p -0.14% IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 207.88 -0.07%