A strong session on Wall Street overnight – led by gains in the Nasdaq ahead of Nvidia’s earnings report on Thursday - boosted the FTSE 100 this morning, which was up 0.2% at 9.30am.

Among stocks, John Wood Group gained 3.9% after it raised its annual core profit guidance.

Meanwhile, chip giant Arm, which is owned by Softbank, filed for an IPO on Wall Street, with a valuation expected between $60 billion and $70 billion.

In other news, Britain recorded a budget deficit of 4.3 billion pounds in July, the Office for National Statistics revealed.

Things to read today:

Arm’s IPO problems show just how much is at stake for SoftBank  (Financial Times)

Reducing Dollar Reliance Tops BRICS Summit Agenda (Bloomberg)