The FTSE 100 is up 12.5 points, or 0.21%, to 5,949.6, as oil fell to the lowest price in seven months, although miners are posting the biggest losses.
Brambles Industries is off to a good start with a rise of 3.72% to 501.5p, closely followed by Vodafone which is up 3.07% to 126p, while British Airways is up 2.76% to 446.25p as oil prices went lower.
But mining firms are the biggest losers with BHP Billiton down 3.28% to 884p, closely followed by Rio Tinto which has dropped 3.27% to £23.99, while Anglo American has slipped 2.91% to £21.69 and Kazakhmys is down 2.8% to £10.77.
Partygaming is continuing to fall with a drop of 3.07% to 39.5p, after it decided to suspend its interim dividend yesterday after news the US is to pass anti-gaming legislation, although Barclays is limiting losses with a rise of 2.29% to 692.5p.
In Japan the Nikkei 225 Stock Average lost 159.54, or 1%, to 16,082.55 at the 3 pm close, paced by commodity-related stocks such as Inpex Holdings after oil prices slid 6.8% in two days.
Inpex, Japan's largest oil explorer, fell 19,000 yen, or 2.1%, to 873,000, while Japan Petroleum Exploration slid 320 yen, or 4.6%, to 6,610, and Mitsubishi, Japan's largest trading company, slid 115 yen, or 5.3%, to 2,040.
Elsewhere Nintendo, the world's biggest maker of handheld video-game player, jumped 820 yen, or 3.4%, to 24,640, after the company increased its profit forecast by 20% to 100 billion yen for the year ending March 31, citing sales of its portable DS model and a weaker-than-expected yen.
But Sony, the world's second biggest consumer electronics maker, dropped 150 yen, or 3.3%, to 4,450, following reports its Blu-ray disc recorder cannot save images and information into double-layer 50 gigabyte discs.
Toyota rose 90 yen, or 1.4%, to 6,570 after reporting a 25% increase in US sales for September, while Honda, Japan's third-biggest carmaker, declined 40 yen, or 1% to 4,050, and Nissan, the nation's second largest, fell 9 yen, or 0.7%, to 1,323.
In the US the Dow Jones Industrial Average hit an all-time high with a rise of 56.99 points, or 0.49%, to 11.727.34, as investors bet sliding crude oil prices will stimulate consumer spending and lift profits.
Boeing posted some of the biggest gains with a rise of 2.3%, or $1.81, to $81.78, after rival company Airbus announced a third delay in the production of its flagship A380 super-jumbo plane.
Elsewhere shares of industrial conglomerate United Technologies rose 1.4%, or $0.90, to $64.80, while Wal-Mart gained 2.1%, or $1.02, at $49.46, and JPMorgan Chase added 1.9%, or $0.88, to $47.75.IFAonline
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October