FTSE CLOSE: Footsie limps to first weekly fall in nearly a month; US giants report mixed earnings; oil price nudges $46

17.50: In London, it was a torrid day of trading for blue-chip oil and mining companies, with Glencore tumbling nearly 3 per cent or 5p to 161.8p

on falling copper prices. BP and Royal Dutch Shell were also down 0.3p to 368.3p and 17p to 1826.5p respectively.

In stocks, Anglo American was down 14.5p to 732.8p after 42 per cent of shareholders opposed its remuneration report, which included a £3.4million pay deal for chief executive Mark Cutifani.

Mixed bag: McDonald’s shares have climbed as the fast food chain revealed stronger-than-expected quarterly earnings, but US heavy machinery maker Caterpillar has lowered its sales and profits forecast for this year

Banking giant HSBC fell 5.4p to 466.5p as shareholders waved through its remuneration report after the bank said it would take steps to review pay packages for executive directors following concerns from shareholders.

Supermarket giant Sainsbury's stepped up 3.6p to 292.4p after Deutsche Bank upgraded the grocer from hold to buy in the wake of its takeover of Argos owner Home Retail Group.

Tesco also raced ahead after receiving an upgrade from Fitch from negative to stable as it swung back into the black earlier this month. Shares in Tesco lifted 1.6p to 186.6p.

Mr Kipling cakes firm Premier Foods saw its share price come under pressure after it said Japanese noodle maker Nissin had the right to appoint a non-executive director because its shareholding is above 15 per cent. Shares in Premier Foods dropped 0.3p to 39p.

The pound was up 0.5 per cent against the dollar at $1.438 amid easing concerns over the threat of Britain leaving the European Union.

Sterling was also up 0.9 per cent against the euro at €1.28.

The biggest risers in the FTSE 100 were Sainsbury's up 3.6p to 292.4p, Travis Perkins up 21p to 1827p, Tesco up 1.6p to 186.6p, Kingfisher up 3p to 364.4p.

The biggest fallers were Paddy Power down 340p to 8375p, Land Securities Group down 34p to 1074p, Associated British Foods down 96p to 3131p, Glencore down 4.9p to 161.8p.

17.01: The FTSE 100 closed down 71 points at 6310.44. More to come. 

15:20: The Footsie was limping towards weekly fall in three weeks, despite US stocks on Wall Street edging up at the opening bell.

With just over an hour to go, the FTSE 100 was 69.3 points down at 6,312.1.

In the US, the Dow Jones industrial average edged up 8 points, or 0.1 per cent, to 17,991.0 - driven by stronger-than-expected quarterly earnings from McDonald's.

Meanwhile, the Standard & Poor's index was little changed at 2,092 and the technology-heavy Nasdaq composite fell 34 points, or 0.7 per cent, to 4,911. 

US investors were again left assessing mixed quarterly reports, with bellwether companies such as Caterpillar announcing reduced sales and profits forecasts and General Electric still trying to find its feet amidst an ongoing radical restructure.

But unlike the UK, oil and gas companies benefited from an uptick in energy prices. 

However tech companies were suffering.

A number in the sector released poor results after the closing bell late last night. 

This has caused Microsoft to drop 7 per cent this session, while Google parent Alphabet also fell 4 per cent after its results fell short of forecasts.

Several other companies were also moving on earnings news. 

Visa fell 2 per cent after cutting its revenue forecast for the year, while railroad operator Norfolk Southern jumped 8 per cent rose as it slashed costs.  

Earnings statements out of the US have dominated proceedings around the world today. 

Connor Campbell, at Spreadex, said: 'Whilst the European markets continued to fall this Friday the US markets got off to a decent enough start, the Dow Jones rising in part due to some good news from the Golden Arches. 

'In stark contrast to the minor gains see in the US the FTSE plunged as the afternoon continued, the index suffering under the weight of its falling commodity stocks. 

'It’s a limp end to what was looking like an incredibly strong week, the FTSE now nearing 6300 after being as high as 6430 on Thursday.'

He added: 'Over in the Eurozone the DAX and CAC saw their gains shrink, if not completely disappear, as the day went on, vaguely positive chatter from the morning’s Eurogroup meeting easing some of the markets’ fears. 

'Yet there is still plenty to do if Greece is to avoid defaulting on the whopping €10 billion in debt repayments it faces over June and July, the region’s finance ministers expected to meet once again next Thursday to try and hash out a deal.' 

13:00: The Footsie is on course for its first weekly fall in three weeks amid weak US earnings, falling commodity and mining stocks, problems with Europe's biggest car manufacturers and the prospect of Greek debt rearing its ugly head once again this summer. 

At lunch the FTSE 100 index was off 67.2 points at 6,314.0, while in Europe France's CAC 40 index down 0.2 per cent, and Germany's Dax 30 had fallen 0.4 per cent.  

The falls in Europe were sparked by fresh enquiries into car manufacturers emissions practices and a Eurozone ministers meeting in Amsterdam - which was set up to discuss the timeline for the completion Greece's economic adjustment programme. 

Tetchy: It's been an uneasy session's trading with little for brokers or investors to cheer this morning

Tetchy: It's been an uneasy session's trading with little for brokers or investors to cheer this morning

Investors will now be looking for a positive open on Wall Street, in order to boost sentiment this afternoon. 

Chris Beauchamp, at IG, said: 'Investors will be hoping numbers this afternoon from US stalwarts McDonald’s and General Electric might help to lift the mood, but with oil in the red again prospects for a good end to the week currently look poor at best.' 

In London, there was little for traders to cheer after flat brent crude prices forced mining, commodity and oil majors down.

At lunch, Anglo American had fallen 4 per cent, or 25.7p at 721.0p. 

Rio Tinto lost 78.0p to 2327.5p, while oil giants BP and Royal Dutch Shell also dropped 6.1p to 362.5p and 36p to 1807.5p respectively.

The one bright spot was supermarkets, thanks to some analyst upgrades. 

Sainsbury's climbed 4.6p to 293.4p after Deutsche Bank upgraded the grocer from hold to buy in the wake of its takeover of Argos-owner Home Retail Group.

Tesco also raced ahead, up 2.8p to 187.8p, while Morrisons climbed 0.1p to 191.3p.

However luxury retailers and food manufacturers were under pressure.

Luxury goods group Burberry was 1.4 per cent lower, or 23.0p, at 1,241.0p after French peer Kering posted a slowdown in growth at its flagship Gucci brand.

Meanwhile Mr Kipling cakes firm Premier Foods saw its share price slide after it said Japanese noodle maker Nissin had the right to appoint a non-executive director because its shareholding is above 15 per cent.

It comes after the firm rejected a the third takeover offer from Schwartz spice US owner McCormick & Company last month worth £537million.

The spice and herbs giant put forward a proposal worth 65p a share for Premier, which also owns Oxo, Bisto and Sharwood's.

The board of the St Albans-based firm said the proposal undervalued the company's prospects.

Investor attention will turn to the HSBC AGM this afternoon. 

The event officially kicked off an hour ago and topics for discussion include executive level pay and the appointment of a new chairman. 

11:00: The Footsie was firmly in the red by late morning as UK investors pulled out of mining and commodity stocks, while European car manufacturers were also having a tough time.

The London index was off 52.1 points at 6,325.5, with Anglo American, Rio Tinto, Glencore, Antofagasta and Shell all rooted to the foot of the table.

In Europe France's CAC 40 index down 0.4 per cent, and Germany's Dax 30 was off 0.8 per cent after renewed fears that the emissions scandal, which has embroiled Volkswagen, could spread to other manufacturers. 

Car sales: Daimler profits were hit by a decrease in sales of S and E class Mercedes Benz cars

Car sales: Daimler profits were hit by a decrease in sales of S and E class Mercedes Benz cars

Last nigh Mercedes Benz maker Daimler announced it had launched an internal probe into its emissions certification process.

It also reported a 32 per cent slump in net profit to €1.4billion in the first quarter. Profits were hit by a decrease in sales of S and E class Mercedes Benz cars. 

At the same the Eurozone’s manufacturing and service sector appears to be stuck in a slow growth rut.

According to data firm Markit, the region's manufacturing PMI fell to 51.5 in April, slightly below 51.6 in March, but well short of economist forecasts of a 51.9 reading.

The services sector index came in at 53.2, very slightly ahead of 53.1 in March, but also undershooting economists’ forecasts of 53.3.

In London, mining stocks and oil majors have dominated the list of index's biggest losers after a resurgence in the US dollar in the past 24 hours and brent crude running into a technical barrier at around $46 per barrel. 

Anglo American's investor protest over executive pay at its annual general meeting yesterday has also unsettled the sector. 

Chairman Sir John Parker said the FTSE 100 firm would take a 'fresh look' at its pay policy over the next year and put it to a vote at the 2017 AGM. 

The mining giant was down more than 3 per cent, or 24.4p at 723.1p, after 42 per cent of shareholders opposed its remuneration report, which included a £3.4million pay deal for chief executive Mark Cutifani. 

Oil giants BP and Royal Dutch Shell also dropped 6.4p to 362.2p and 32.5p to 1811.0p respectively.

Connor Campbell, at Spreadex, said: 'The global markets look decidedly haggard this Friday, perhaps a tad overtired from their start of the week surge.

'Slipping around 1 per cent (and losing much of the week’s growth) the FTSE was the biggest loser this morning, the UK index dragged down by a rather sharp decline by its mining stocks. 

'It is somewhat unclear what has caused this mining-reversal; the manufacturing softness form the Eurozone may have contributed, ditto yesterday’s shareholder revolt over Anglo American CEO Mark Cutifani’s pay. 

'Regardless of what the is the cause the sector’s sluggish performance is preventing the FTSE from ending the week on the 2016 highs struck over the last couple of days.'  

08:20: The Footsie has opened lower after yet more poor earnings results released in the US overnight and ahead of President Barack Obama's visit to London, when he is expected to say that Britain is better off inside the European Union.

In early trading the FTSE 100 index was down 34.0 points at 6,347.2, having slid 28.82 points yesterday - hit by a drop in the shares of miner Anglo American and broadcaster Sky.

After the closing bell on Wall Street last night, Google parent-company Alphabet, Microsoft, Visa and Starbucks all posted disappointing quarterly results.

Sign of the times: Surrey Mum's favourite Volvo has annaounced a sharp slide in orders from North America and Asia, pointing to sluggish global growth in the months ahead

Sign of the times: Surrey Mum's favourite Volvo has annaounced a sharp slide in orders from North America and Asia, pointing to sluggish global growth in the months ahead

Michael Hewson, at CMC Markets, said: 'Earnings misses for Microsoft and Alphabet (Google) after the bell last night have made for a weaker open for European markets this morning.' 

Market sentiment has also been dented by Asia after Japan recorded its worst manufacturing performance since January 2013, according to Markit.

The Shanghai Composite and Hong Kong's Hang Seng indices both slid. 

In Europe there have been yet more woes for investors in some of the Continent's biggest car manufacturers.

Volkswagen has announced it plans to buy back around 500,000 cars affected by the emissions scandal in the US at a potential cost of €30billion, while Volvo has reported a slide in first quarter earnings and predicted a larger downturn in North America and Brazil. 

Meanwhile Mercedes maker Daimler has seen operating profit fall 9 per cent in the first quarter, despite it enjoying a record 36 per cent jump in mercedes sales in China

Nevertheless with an annual turnover of €200billion and the backing of the German government, VW will be able to afford it, analysts have said.

In London HSBC shareholders will hope to hear more details on the bank's succession plan when it holds its annual general meeting later today.

Chairman Douglas Flint announced last month that the hunt had began for his successor, who will also take charge of finding a new chief executive to replace Stuart Gulliver, the bank's current group chief executive.

Speculation suggests insurance boss Henri de Castries could be lined up to take over following his decision to step down as chairman and chief executive of French insurance giant Axa last month. 

Stocks in focus in London include:    

SHELL - The oil company is working on selling out of its onshore assets in Gabon. 

ASTRAZENECA: The drugmaker is launching a gene hunt to unlock routes to new medicines.

HSBC - The bank holds its annual general meeting today.  

UK company news scheduled today includes: 

Trading update: Record, Immunodiagnostics, Reckitt Benckiser

Economic news scheduled today includes:

EU Markit manufacturing PMI for April at 9am

EU Markit services PMI for April at 9am

EU Markit PMI composite for April at 9am

US Markit manufacturing PMI for April at 2.45pm