A quiet start to the week, with the US celebrating Martin Luther King day today.

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The FTSE 100 is marginally lower today, but there are more meaningful losses in Europe with the Dax and CAC following further disappointing economic data from Germany. However, the biggest faller, among major European indices was the Italian MIB,

The biggest loser in Milan, is the oil services and engineering group, Saipem. The firm has been sanctioned by regulators in Brazil and banned from applying for public sector contracts in the country for two years.

Elsewhere in Europe, luxury goods conglomerate Kering, the owner of Gucci, was down, on concerns about high-end consumer demand within the sector.

Those same woes continue to dog the London-listed fashion brand as the Burberry share price fallsΒ by a further -5%, this morning, after double-digit losses on Friday. Today’s falls are thanks to a downgrade of the stock from Goldman Sachs.

Online property portal Rightmove’s share price continues to make headway early morning, though it has traded higher on the day. Nonetheless, the stock is still more than -5.00% below its recent high of 603p. As we noted on Friday the stock is sensitive to interest rates, mortgage market activity and competition among lenders.

National Grid’s share priceΒ has been written up at Deutsche Bank, who have raised their recommendation on the stock to buy from hold, with a price target of 1150p, versus the current 1072p price. The rating change came as part of a wide-ranging note on the European utility sector and was one of only two upgrades made by Deutsche’s analysts.

Gaming group Flutter Entertainment’s share price is up ahead of a trading update on Thursday. This may well be the firm’s β€œswansong” before it lists in New York, though it does not intend to exit the London market completely, and will become a dual-listed company instead.

Grocery delivery business Ocado (OCDO) will update the market on current trading tomorrow. Investors will likely pay close attention to any news about the firm’s joint venture with Marks and Spencer.

The Marls and Spencer share price has rallied by +78.00% in the last 52 weeks. However, the stock has posted 5 consecutive losing sessions in the last week and is down by just over -10.00% in that period.

Meanwhile, Ocadao shares have fallen by -4.00% today, though, with extremely thin volume traded, this move looks like a markdown by market makers rather than anything more sinister.

In the smaller cap space, Avon Protection’s share price added +5.00% on news that it has won a contract from the German navy. The contract is said to be worth β€œmulti-million Euros” and comes ahead of a capital markets day to be hosted by the company, on February 8th.

Avon Protection’s share price has added +12.0% over the last month, the firm enjoys a niche position, and with a market cap of just Β£268 million, it might make a tempting target for cash-rich private equity firms or a larger peer.

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