The FTSE 100 has opened nervously this morning, no doubt in reaction to the strong losses incurred on Wall Street overnight due to the Federal Reserve interest rate cut.
The index is currently 39.70 points lower (0.61%) to 6497.20.
Mining stocks are leading the losses so far, with Kazakhmys down 3.13% to 1362 and Antofagasta 2.96% lower to 771.50.
DSG International is sliding on fears it will be demoted from the FTSE 100 today, 2.99% down, to 110.40.
Barratt Developments and Morrison Supermarkets are bucking the trend, up 2.32% to 497 and 1.75% to 320.50 respectively.
In New York, Wall Street plummeted last night as investors were disappointed the Fed only decided to cut rates by a quarter-point. The Dow Jones slid 294.26 points (2.14%) to 13432.77.
The Fed also cut the discount rates a quarter-point to 4.75%.
American Express was at the forefront of a poor day for financials, closing down 5.24% to 54.56.
General Motors and Alcoa also struggled, falling 5.14% to 27.51 and 4.54% to 36.13 respectively.
AT&T climbed 4.12% to 39.46 after it announced it will up its quarterly dividend by 12.7% and buy back $400m of stock. McDonalds was the only other company to rise, up 1.99% to 63.13.
In Tokyo, Japanese investors were also unimpressed by only the quarter point cut by the US Fed, with the Nikkei 225 index falling 112.46 yen (0.7%) to 15,932.26.
It was another tough day at the office for financials, but oil related stocks climbed.
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