London midday: Stocks knocked lower by Greek worries, Chinese data

London stocks registered early gains although traders were still treading cautiously given the delicate state of the negotiations between Greece and its creditors.As of 12:20 the Footsie was lower by 19.89 points or 0.29% to 6,773.54 points. In parallel, Germany's Dax could be seen lower by 1.30% to 10,921.24 points.On Tuesday morning Greece presented a new set of proposals to its creditors in a bid to buy precious time to broker a medium-term agreement, but at least one leading think-tank warned that any stop-gap measures could be counter-productive.However, analysts were unimpressed."Initial thoughts aren't positive, they sound like a rehash of old proposals already rejected and the likelihood is they will go the same way as previous proposals. Nowhere," said Michael Hewson, chief market analyst at CMC Markets UK.Indeed, demands from Greece's creditors for pensions and labour reforms continued to be unmet."It is worth remembering that previous arrangements to buy Greece time have proved counter-productive," Jonathan Loynes, chief European economist at Capital Economics said in a research note e-mailed to clients.Loynes believed a full-blown default was necessary to return Greece's levels of public debt back to sustainable levels.China's consumer price index rose 1.2% year-on-year in May, easing back from a 1.5% increase a month earlier. Analysts at Deutsche Bank thought that argued in favour of further stimulus measures from the country's central bank.The UK's visible trade balance fell to -£8.6bn in April from -£10.7bn in the prior month (consensus: -£9.95bn).The second estimate of first quarter Eurozone GDP revealed a 1% year-on-year gain and a 0.4% quarter-on-quarter rise, unchanged from the previous quarter's reading."While oil prices, the euro and bond yields have all firmed from their recent lows, they are still at levels that should be very helpful to Eurozone growth while further support should come from on-going major ECB stimulus and much reduced fiscal headwinds," said Dr.Howard Archer, chief European and UK economist at IHS Global Insight.Miners lower on Chinese data, Barclays ups Reed ElsevierMiners were at the bottom of the pile following data out of China showing copper imports fell 16.3% in May from the previous month, hitting a three-month low. Additionally, data out overnight showed the country's exports of unwrought aluminium and products jumped 21% on an annualised basis to 410,000 tonnes. Broker Redburn reportedly downgraded Rio Tinto.Media group Reed Elsevier offers excellent value for growth given how its shares have seen no re-rating on a relative P/E-basis since the start of 2012, after underperforming by 7-8% year-to-date, said Barclays in a research note e-mailed to clients. The broker upgraded its recommendation on the stock to overweight from equal-weight, setting a 1225p target price.HSBC announced a round of job cuts and branch closures with the aim of saving between $4.5bn to $5bn in annual costs by 2017. In a statement issued to the Hong Kong Stock Exchange the lender said it would reduce its risk-weighted assets by about $290bn and still targeting a return on equity of more than 10% within two years. Globally between 22,000 and 25,000 jobs are set to go. In a research report Goldman Sachs said the lender's dividend was now safer following the reduction to the bank's target for RWA.Kier Group has completed its acquisition of Mouchel, which is the leading provider of repair and maintenance services to the UK strategic road network. The FTSE 250 made the acquisition to accelerate its plans for growth in the infrastructure sector and will now be able to capitalise on the £17bn of investment in the strategic road network that is to be delivered through Highways England over the next five years.RPC Group posted a 33% rise in full-year adjusted pre-tax profit to £119m from £89.5m, as the business performed well and the company made progress in implementing its Vision 2020 growth strategy. Revenue was up 17% at £1.22m from £1.05m and the company recommended a final dividend of 11p, giving a total dividend for the year of 15.4p, marking a 12% increase from last year.Mobile takeaway food company Just Eat has completed the open offer and placing of shares, raising £445m. A total of 43.56m new shares were issued under an open offer, with a further 61.83m placed. The proceeds will be used to finance the company's proposed acquisition of Menulog Group, which is expected to complete this month.Market MoverstechMARK 3,205.06 -0.32%FTSE 100 6,776.76 -0.20%FTSE 250 17,856.39 -0.12%FTSE 100 - RisersReed Elsevier (REL) 1,087.00p +2.35%Intu Properties (INTU) 320.20p +1.62%Mondi (MNDI) 1,390.00p +1.61%Randgold Resources Ltd. (RRS) 4,661.00p +1.50%BT Group (BT.A) 444.85p +1.38%G4S (GFS) 291.80p +1.21%British Land Company (BLND) 827.00p +1.16%International Consolidated Airlines Group SA (CDI) (IAG) 526.50p +1.15%Royal Mail (RMG) 505.50p +1.10%Hammerson (HMSO) 646.00p +1.02%FTSE 100 - FallersAnglo American (AAL) 985.60p -1.98%Rio Tinto (RIO) 2,772.00p -1.65%Admiral Group (ADM) 1,440.00p -1.03%Aviva (AV.) 506.50p -0.98%HSBC Holdings (HSBA) 613.40p -0.98%CRH (CRH) 1,805.00p -0.93%3i Group (III) 544.50p -0.91%Intertek Group (ITRK) 2,531.00p -0.90%Dixons Carphone (DC.) 460.70p -0.90%Vodafone Group (VOD) 241.85p -0.88%FTSE 250 - RisersVedanta Resources (VED) 574.00p +5.42%Infinis Energy (INFI) 199.40p +5.22%RPC Group (RPC) 635.00p +2.75%PayPoint (PAY) 1,044.00p +2.55%Nostrum Oil & Gas (NOG) 531.00p +2.12%Savills (SVS) 951.00p +2.04%Interserve (IRV) 639.00p +1.91%Indivior (INDV) 240.70p +1.60%Bank of Georgia Holdings (BGEO) 1,810.00p +1.51%Shaftesbury (SHB) 869.50p +1.34%FTSE 250 - FallersEvraz (EVR) 158.40p -4.41%AO World (AO.) 157.00p -3.50%Pets at Home Group (PETS) 271.80p -3.27%Alent (ALNT) 365.60p -2.25%Petrofac Ltd. (PFC) 881.00p -2.11%Premier Oil (PMO) 162.00p -2.06%Cineworld Group (CINE) 499.70p -1.83%Spire Healthcare Group (SPI) 341.20p -1.67%JD Sports Fashion (JD.) 639.50p -1.62%Zoopla Property Group (WI) (ZPLA) 254.10p -1.51%