A weaker than expected US housing report has seen Wall Street edge lower.
Existing home sales slipped 0.9% to 4.59m in February, slightly lower than forecasts of 4.62m. So the Dow Jones Industrial Average is down around 18 points in the first hour of trading. Annalisa Piazza at Newedge Strategy said:
The outcome...confirms the stabilization trend also shown by other housing market indicators out earlier this week. However, the level remains extremely sluggish and - in our view - it will take another few quarters to see a more sustainable improvement.
In the wake of the UK budget, the FTSE 100 is holding its modest gains, up 7 points at 5898.41.
But the biggest faller in the index is down because of a transatlantic influence. Pumps manufacturer Weir has fallen 105p to £18.77 after a profit warning from US rival Baker Hughes, which mentioned lower pricing and raw material shortages.
