The FTSE 100 is up 0.67% at 7,378.74 after comments overnight from a member of the Bank of England's interest rate setting Monetary Policy Committee helped dampen expectations for a rate rise.

The first set of numbers under the new chief executive of luxury brand Burberry (BRBY) get a warm reception from investors. The shares are up 5.4% to £16.66 as Marco Gobbetti reveals 3% constant currency revenue growth in its first quarter boosted by online spending in China and a resilient performance in the UK.

In a trading update covering its full year to 30 June Barratt Developments (BDEV) underlines its credentials as the UK's largest housebuilder as it reports total completions in its June 2017 financial year of 17,395, the highest in nine years. Pre-tax profit is expected to to total £765m, ahead of expectations. Barratt gains 1.9% to 595.5p.

A second constituent of the oil services sector, Amec Foster Wheeler (AMFW), is under investigation by the Serious Fraud Office. Following on from a probe into Petrofac (PFC), the focus is on Amec's work with consultant Unaoil and potential bribery and corruption offences. The shares are down 5.3% to 430.9p in response as the company says the news shouldn't impact its takeover by Wood Group (WG.).

Airport food seller SSP (SSPG), one of our Great Ideas, is up 4.6% to 506p as a third quarter trading update reveals 'a little ahead' of expectations.

Discount retailer B&M (BME) gains 5.5% to 353.4p as its first quarter like-for-like sales rise 7.3% year-on-year supported by good weather and a later Easter.

Rich Pro Investments makes a 2.1p cash bid for nickel and gold miner ASA Resource (ASA:AIM) - lifting the shares 47% to 1.88p. ASA is advising shareholders to take no action at this stage and says it will make a further announcement in due course.

Supermarket Tesco's (TSCO) £3.7bn takeover of wholesaler Booker (BOK) hits a road bump as the Competition and Markets Authority (CMA) confirms it will lead an in-depth investigation into the deal. The CMA says the merger could damage competition in 350 local areas.

The market seems relaxed for now as Tesco ticks up 0.2% to 171.45p on the news and Booker 0.5% to 190.4p

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Issue Date: 12 Jul 2017