Commodity stocks hold back FTSE

In London, lower metal and energy prices are dragging down the overall market.

Last night the UK government voted against military intervention in Syria, decreasing the chances of an immediate invasion of the country and leading to a drop in the price oil.

On Wednesday, the price of Oil - US Crude hit a two-year high as traders feared that oil supply lines would be reduced from the Middle East. The price oil is now lower with dealers less worried about the effect of war in the region. BP and Royal Dutch Shell are off 0.8% and 1% respectively.

The level of unemployment in the eurozone remained an all-time high of 12.1% in July. There is a high level of youth unemployment in southern European counties like Spain, where the jobless rate of people under 25 is over 60%.

It has been a quiet morning in terms of corporate announcements, but mid-cap constituent Restaurant Group announced an 11.5% increase in like-for-like sales and a 15% increase in pre-tax profit for the first-half of 2013, and the stock is up 1.5% as a result.

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