The FTSE 100 has struggled upon opening this morning, dragged lower by the resources sector.
The benchmark blue-chip index has tumbled 14.98 points (0.34%) to 4421.77 by 8:45am.
Rio Tinto is the biggest loser so far, falling 2.73% to £30.63 as it offered a share in a planned iron ore alliance with BHP Billiton to Chinalco as a peace offering, following the collapse of its $19.5bn deal with the Chinese firm.
Fellow miner Antofagasta shed 2.14% to 664.5p, while Xstrata lost 1.75% to 758p. Eurasian Natural Resources is down 1.71% to 717.5p.
However, Thomas Cook Group has gained 4% to 227.75p, as Arcantdor AG, a German retail group that filed for insolvency, has no immediate plans to hand over its 52.7% stake in the firm to creditor banks.
Lloyds Banking Group and Royal Bank of Scotland Group are up 2.31% to 66.5p and 2.11% to 38.7p respectively.
In the US, the Dow Jones failed to make any gains over night closing down 24.04 points (0.27%) to 8739.02. Caterpillar was the biggest loser, falling 1.62% to $37.52.IFAonline
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