FTSE 100 is currently enjoying a remarkable rally

Gaining some 3.5 percent since August 22nd, the FTSE 100 is currently enjoying a remarkable rally on the back of increasingly impressive macro data, underpinned today by jobs numbers showing the unemployment rate in July dropped to its lowest level since last year. However, with the headline index failing to break technical resistance at 6,600 we are starting to see a little bit of profit taking.

U.S. futures are trading little changed following 6 days of gains for the S&P 500 as investors continue to monitor developments in Syria. President Barack Obama has decided to postpone a decision on whether to take military action against Syria following Russia’s request that the Assad regime hand over all stockpiles of chemical weapons. The downside risk from Syria has diminished and that explains the recent rise in risk assets

Apple shares have plummeted following the release of their latest iPhone range with investors fearing that Apple are not being aggressive enough in its fight against Google’s Android system. Apple's shares were down about 3 percent at $480.50 (304.50 pounds) before the market opened on Wednesday, a day after it unveiled the 5S, a high-end iPhone with a fingerprint scanner as well as a cheaper 5C model targeted at emerging markets.

Risers

ARM Holdings
The lunch of Apple’s new range of iPhones yesterday has helped shares in ARM this morning as they announced the new 64-bit A7 processor found in the new iPhone 5s carries a higher royalty rate. Bank of America Merrill Lynch estimates that ARM could derive around $1 per iPhone 5s which compares $0.89 in the iPhone 5. They rate the stock as buy with 1372p price target.

UBM, up 3%, Informa
JPMorgan Chase upgrade both UBM and Informa Stock ratings to ‘overweight’ from neutral and raises the target prices to 615p from 555p and 830p from 775p. They believe UBM’s next 12 months will likely benefit from the highest biennial events contribution while JPM believe emerging market event growth will be better than feared. On Informa they believe cost savings should help while organic growth is improving

Wessex Exploration
WSX has filed to renew a permit in Juan de Nova near Madagascar for five years, saying a recent petroleum system review justified holding onto the asset.

Provexis
The functional food technologies company have raised net proceeds to £286,750 by drawing down on its Equity financing Facility with Darwin Strategic limited.

Fallers

African Barrick Gold
Tanzania-focused miner have announced the departure of their chief operating officer Marco Zolezzi who has resigned with immediate effect, less than a month after its former chief executive also left. CEO Brad Gordon will take direct responsibility of operations until they find a replacement COO.

Barratt Developments
The home builder has reported a 4.8 percent increase in pre-tax profit as the number of completed sales and the average selling price rose. They announced they will recommence dividend payments with a 2.5p payment highlighting the recovering housing market, it now expects to meet its goals for the business earlier than previously anticipated.

Whitbread
JPMorgan downgrades Whitbread to neutral from overweight and cuts its price target to 3250p from 3400p. Says over the past year, Whitbread has outperformed the UK market by 25% and the European leisure sector by 19%. "Whilst we are confident that Whitbread has significant medium-term growth potential, at a 2014 P/E of 17x and with short-term headwinds we believe the shares are now full valued and would wait for a better entry point," says JPMorgan

HSBC
HSBC Holdings cut to neutral from overweight by JP Morgan, shares down over 1 percent.

British Sky Broadcasting Group
JPMorgan downgrades British Sky Broadcasting to neutral from overweight and lowers its target price to 930p from 955p. Says given the market's competition concerns, it sees potential for the disconnect to persist between the firm's strong operating and financial performance, and its share price performance