The FTSE 100 is down 10.3 points, or 0.16%, to 6,494.8 in early trading, as an almost 200 point fall on Wall Street last night has pushed the index lower.
Miners are also performing poorly, with Vedanta Resources currently the biggest loser with a fall of 2.93% to £14.59, while Xstrata has slipped 2% to £27.93, and Schroders has declined 1.72% to £13.12.
National Grid is also down 1.63% to 724p, while Schroders NV Non-VTG has fallen 1.8% to £11.46, although losses are being limited by Cable & Wireless which has added 0.86% to 198.7p.
Detica Group is posting the biggest gains with a rise of 2.14% to 394.25p, closely followed by British Airways which has added 1.51% to 438p, while Kingfisher is up 0.96% to 237.25p, and Royal Dutch Shell ‘A’ has advanced 0.93% to £19.51.
In Japan, the Nikkei 225 Stock Average fell 274.29, or 1.5%, to 17,779.09 at the 3pm close, as exporters led losses on concerns rising global interest rates will curb consumer spending and corporate profits.
Sony lost 200 yen, or 3%, to 6,590, while Toyota declined 150 yen, or 2%, to 7,470, Honda fell 120 yen, or 2.8%, to 4,160, and Mitsubishi Estate, Japan's second-biggest property developer by sales, dropped 170 yen, or 4.5%, to 3,600.
Meanwhile, Mitsui Fudosan slid 190 yen, or 5%, to 3,620, while K.K. Davinci Advisors, which runs Japan's biggest real estate fund, tumbled 10,000 yen, or 7.5%, to 123,000, Goodwill Group lost 5,000 yen, or 8.1%, to 56,800, and Millea Holdings jumped 220 yen, or 4.3%, to 5,380.
In the US yesterday, the Dow Jones Industrial Average fell 198.94 points, or 1.48%, to 13.266.73, as hopes faded for a cut in interest rates and bond yields rose.
Alcoa was the biggest loser with a fall of 2.31% to $38.93, closely followed by Microsoft which slipped 2.21% to $29.62, while AT&T dropped 2.13% to $39.52, and 3M Company fell 2.01% to $84.88.
Exxon Mobil also ended the session down 1.99% to $81.96, and the session ended with no stocks making gains.
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‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected