Afternoon comment courtesy of Spreadex – 23/07/13

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European stocks continue to hold onto gains heading into the afternoon with the FTSE 100 up for the first time in three sessions. The positivity comes after China’s Premier Li Kaqiang said the world’s second largest economy will grow by at least 7 percent. Mining stocks helped lead the gains after the positive comments from China spurred demand for commodity based stocks. 

FTSE 100 Company Tullow Oil was in the spotlight today after failing to find commercial quantities of crude or gas at two wells off Mozambique and French Guiana. Shares were down over 6 percent by midday to 1046 pence after trading as low as 1026. 

US stocks futures point to another day of positive trading with investors keeping a close eye on tech giant Apple who are reporting their earnings after the close today. Analysts expect the tech company to report another drop in earnings along with flat sales with the iPhone 5 facing stronger competition from newer smartphones.

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