Pound shrugs off IMF cut to UK GDP growth forecast; FTSE 100 suffers heavy losses

Against the euro this morning, the pound is trading slightly higher at €1.1162, a 0.3pc rise, but still remains around the eight-month low it hit at the end of last week. Against the dollar, the pound has pushed back over $1.30 this morning.

Eurozone PMI readings due this morning are likely to dictate some movement later on.

The FTSE 100 has picked up from where it left off at the end of last week, falling another 0.36pc in early trading.

Reckitt Benckiser has kicked off a packed corporate calendar this week with a mixed first-half performance. Although the consumer goods giant reported a rise in profit, like-for-like growth fell 2pc as it deals with the fallout from the cyber attack it faced last month.

Interim result: Reckitt Benckiser Group, Dialight, Ascential

Full result: Tungsten Corporation

AGM: Solo Oil, Specialist Investment Properties 

Trading statement: Cranswick

Economics: Existing home sales (US), flash PMIs (EU) 

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