Nasdaq

The FTSE 100 index has started the new month well and stocks are currently up after Friends Provident reported strong sales data and the oil price held above $50 a barrel.

Shares are struggling to stay afloat in early UK trading this morning thanks to news from the US of an economic slowdown.

Despite pressure on some of the biggest players in the market over recent months, the UK benchmark index is performing relatively well this morning as GlaxoSmithKline and Shell had good news to report.

Stocks are making gains on the UK's benchmark index this morning, led by Allied Domecq, after the drinks company agreed the anticipated $14bn purchase of Pernod Ricard and Fortune Brands.

Mining firm shares are still dragging the FTSE 100 down this morning after oil prices yesterday continued a seven-week decline along with other commodity prices.

Disappointing trading for Morrison and GlaxoSmithKline left the FTSE 100 index flat by close of business on Friday.

Today's budget announcement by chancellor Gordon Brown did nothing to lift the UK stock markets today as the FTSE 100 fell over 1% by close of business and headed back towards the 4,900 mark.

The UK stock markets are tentatively waiting for the chancellor's pre-election Budget speech later today before making any significant moves, as the FTSE 100 is already down under the 5,000 mark again this morning.

Mining conglomerate BHP Billiton earlier today announced plans to buy Australia's WMC Resourcesfor A$9.2bn, but it wasn't enough to keep the UK's main stock index afloat.

The FTSE 100 index closed the day up back over the 5,000 mark again on Tuesday, as money managers and financial services firms made the best gains.