According to information shared with the BBC, the CBI said that 2015 had been a tough year for retailers - with their survey showing the weakest expectations for business among retailers since May 2012.
Even if the war goes well, the rally may sputter as investors realize that the economy remains weak and expectations for corporate profits are too high, said Brian Belski, fundamental market strategist at Piper Jaffray, a regional investment bank based in Minneapolis.
But BG fell 47.5p to £13.88, the biggest faller in the leading index, after first quarter figures missed expectations and it gave a weak outlook for growth.
The official figures attributed the decrease to "lower electricity demand … due to the uptake of household solar, energy efficiency and increased retail prices; worse-than-expected agricultural conditions due to drought; lower manufacturing output due to industrial closures and weaker growth expectations for local coal production due to a fall in international coal prices".
Both beat analyst expectations but the stock is taking a big hit in after-hours trading, down more than 27%, because of its weak outlook for the quarter ahead that is falling well short of analyst expectations.
Oil futures trading have been supported by speculation associated with a weak dollar, and expectations for some level of quantitative easing in the bond markets.
In other economic news, U.S. construction spending fell 0.3% in June, weaker than analysts' expectations for a flat month.
On J. P. Morgan, Lehman lowered its earnings forecast, saying the move was "based on a combination of factors including the expectations for weak trading results, lower revenues in the structured finance business, modest spread revenue performance and continued losses in private equity".
Piper Jaffray reiterated an "outperform" rating and $20 target price on Audible, saying the stock's long-term opportunity remains intact despite expectations for weak third and fourth quarters.
