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Traders appeared to shrug off the lack of action in Washington on dealing with sequestration drama, or $85 billion worth of US federal spending cuts that came into effect on Friday and which could shave around 0.five percentage points off development.

"The markets continue to consolidate about their highs. and stay supported by the prospect that what ever happens from a macro point of view, central banks will stay as a backstop in case they are required to pump additional income into the program," mentioned analyst Angus Campbell at traders Capital Spreads.

In European firm news, Standard Chartered's share price tag rallied three.23 per cent to 1,837.5 pence after the British-based emerging markets bank stated it knowledgeable very good momentum so far this year, regardless of posting flat 2012 earnings.

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