Market overview: FTSE closes up 13 at 5,800

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LONDON (ShareCast) - 1630: Close The FTSE closed slightly higher on Tuesday, as investors weighed up the news on Greece with the announcement that the OECD has slashed its 2013 growth forecasts for the world's advanced economies to 1.4%, from the 2.2% estimate in May. The OECD said that the global economy is "expected to make a hesitant and uneven recovery over the coming two years" and "decisive policy action is needed" in the Eurozone and US. Eurozone finance ministers last night inked out an agreement on Greece, giving the green light to the disbursement of the next €43.7bn bailout tranche. In company news, Aberdeen Asset Management was among the worst performers of the day after Citigroup (NYSEArca: BUW - news) downgraded its recommendation for the stock to 'neutral'. The FTSE closed up 13 points at 5,800.

1529: The Footsie has pared gains and is now trading just eight points higher at 5,794 with publishing group Pearson (Dusseldorf: PES.DU - news) now leading the fallers after the announcement of the resignation of Pearson Chairman and CEO, Rona Fairhead. The move follows the surprise resignation of long-running Pearson CEO Marjorie Scardino which was announced at the beginning of October. US stocks are now trading in the red in spite of some better-than-expected home prices, consumer confidence and durable goods orders.

1502: The US Conference Board's consumer confidence gauge for the month of November (Xetra: A0Z24E - news) has risen to 73.7 from 73.1 for the previous month. The consensus estimate had been for a reading of 73.

1411: The Chairman and Chief Executive of Pearson's Financial Times Group, Rona Fairhead, has decided to leave the company.

1351: After an early bounce, the FTSE 100 (FTSE Index: EO100.FGI - news) has been trading sideways for most of today's session - trading within a tight range of just 15 points or so - with analysts saying that yesterday's Greek debt was largely priced in. Market strategist Ishaq Siddiqi from ETX Capital said: 'Traders feel all EU leaders have done here is kick the can way down the road with the measures perhaps still not as affective to solve Greece's problems. That, tied up with the low growth environment in the Eurozone means fiscal slippages will add further pressure.' US stock futures are now pointing to a broadly flat start.

1330: US durable goods orders remained flat in October versus the previous month (Consensus: -0.6 per cent). Even better, excluding the volatile transportation sector they rose by 1.5 per cent (Consensus: -0.5 per cent). FTSE 100 up 24 to 5,810.

1250: Economists are reacting in a very cool manner to the news on Greece. This is what Fabio Fois has to say on the subject: "some of the measures are steps in the right direction; however, we think that, as they were announced last night, they will be not sufficient to reduce public debt substantially and so to restore debt solvency by 2020. We also found surprising the fact that no fresh funds were committed, not even for the debt relief. On this specific point, we think it is worth noting the comment made by Christine Lagarde: "Once progress has been made on specifying and delivering on the commitments made today, in particular implementation of the debt buybacks, I would be in a position to recommend to the IMF Executive Board the completion of the first review of Greece's program." FTSE 100 up 28 to 5,814.

1135: BDFM Publishers, a South African joint venture between Pearson and Times Media Group, issued letters offering employees of Business Day and Financial Mail voluntary severance, according to four people who saw the documents. Business Day is South Africa's biggest daily business paper and Financial Mail is the country's biggest financial weekly. BDFM also owns Summit (SES: E1:S43.SI - news) television station, Bloomberg reports.

1129: Speaking before the Treasury Select Committee Governor King has indicated that: "if we saw signs of quantitative easing (QE) feeding through to inflation it would be time to make a sharp change to monetary policy." For his part, Paul Fisher has gone on record as saying that more QE may be needed next year but that the inflation data dissuaded him from voting for more QE in November. Ben Broadbent has told the Committee much the same but he also mentions the coupon transfer as having played a role in his decision. FTSE 100 up 18 to 5,804.

1123: RBS (LSE: RBS.L - news) is now leading gains on the top share index, but some technical analysts are sounding a note of caution this morning. For their part, this is what analysts at Charles Stanley were writing this morning about banks in general and RBS in particular: "The fact that they are still flirting with resistance in the form of their March highs, at 292p, suggests that the 'break-out' might be short-lined, while the bearish divergence on the 14-day relative strength index (RSI) tells us that the rally is losing upside momentum. The short-term uptrend is currently implying the possibility of support at around 276p and that could be the level to watch for now." FTSE 100 up 17 to 5,803.

1025: Interesting remarks from Megan Greene over at Roubini Economics, speaking on Bloomberg TV, on last night's agreement on Greece. She (SNP: ^SHEY - news) terms it a fudge and sees continuing tensions in coming years as the country continues to play catch-up. As an aside, in its latest economic outlook the OECD says that; "The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession." FTSE 100 up 30 to 5,817.

0930: UK gross domestic product grew at a rate of 1 per cent in the third quarter, as expected, according to the second estimate from the Office for National Statistics. The above came on the back of a surge in exports.

0825: The Footsie has begun the day on a slightly stronger footing, following the mixed close on Wall Street last night and news of a breakthrough at last night's Eurogroup meeting. Nevertheless, the reaction may be less than it would otherwise have been as questions still remain regarding the exact details of what was agreed. Banks and miners are in the lead early on, with shares of state-owned lender RBS the best among them. The ONS will release the second estimate of third quarter gross domestic product at 09:30 (Consensus: 1.0% quarter-on-quarter). At 10:00 Bank of England Governor King, Paul Fisher, Martin Weale and Ben Broadbent are scheduled to appear at a Treasury Select Committee hearing on the Inflation Report. FTSE 100 up 30 to 5,817.