In the UK, the FTSE 100 Index is trading 35 points down to 4,812 points this morning, paced by retail clothes outfit Next, which announced a cut in its profits forecasts as a result of excess stock.
Next is currently trading 49p down to 1,632p, after it said that festive period sales were below what the company had expected.
GUS retailing group, owner of Argos is down 23.50p to 926p.
Allied Domecq has shed 15.50p to 509p.
Mining Group, Xstrata has recovered marginally from yesterday adding 10.50p to 898p.
In Japan, stocks declined after analysts revealed concern over a slowdown in economic growth in the US
In Tokyo, the Nikkei 225 Stock Average shed 0.7% to 11,437.52 at its close early this morning, paced by exporter Advantest.
The maker of equipment used to test memory chips shed 1.6% to 8,590 yen. The company gets more than two-thirds of its sales from abroad.
NEC, a manufacturer of semiconductors used in products including cars, flat-panel televisions and personal computers, declined 2.8% to 4,800 yen.
In the US, the Dow Jones leaked nearly 100 points after minutes from a Federal Reserve meeting in December revealed interest rates may need to rise.
The US benchmark traded 98.65 points down at 10,630.8 points by its close late last night, paced by International Paper losing $1.01 to $41.
McDonalds added $0.26 to $32.08.IFAonline
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