Wednesday morning snapshot

A snapshot of the early morning's equity news and key market movements.

Last night in the US: The Dow Jones closed down 21 points at 16,722 the NASDAQ finished down three points at 4234 and the S&P 500 ended the day down one points at 1924.

This morning in London: The FTSE 100 is currently down two points at 6833.

FX and commodities: GBP/USD is down 38 pips at $1.6709, EUR/USD is down 20 pips at $1.3606 and USD/JPY is up 68 pips at ¥102.68. Brent crude is up 11 cents at $108.88 and gold is trading at $1245, up $1.

Stocks: The big corporate story of the day is Tesco posting its worst quarterly drop in sales for a decade. The leading UK food retailer continues to struggle with falling market share and reducing profit margins. Lloyds has pulled out of a financing deal to cover $2 billion for Rosneft due to uncertainties over Russian firms.  

The day ahead: The G7 (Not G8 no Russia) kicks off in the re-convened Brussels today. Today will see the release of the eurozone quarterly GDP and monthly PPI figures. In the afternoon we have US trade balance figures, final service PMI, ISM non-manufacturing PMI and the Federal Reserve Beige book.

All figures correct at 8.20am. All times London time.

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