FTSE 100 edges higher in early trading

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Market trader (file picture) Image copyright Getty Images

(Open): Gains for mining shares helped the FTSE 100 edge higher.

A 2.3% rise for BHP Billiton and a 2.4% rise for Anglo American helped support the FTSE 100 which added 3 points.

Royal Bank of Scotland and Lloyds Banking Group were the big losers, falling 3% and 2% respectively, after negative comments from analysts at Deutsche Bank.

Shares in Marks and Spencer fell 1.2% following reports that it plans to cut up to 500 jobs at its head office.

On the currency markets, the pound was little changed against the dollar at $1.3297.

It was 0.1% lower against the euro at €1.1907.

Traders will be keeping a close eye on data on the UK services industry. The Markit/CIPS UK Construction Purchasing Managers’ Index is released at 09:30.

US financial markets are closed for Labor Day, which could subdue trading in Europe.

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