Continental Europe is acting as a buffer but London is still feeling the impact of the selloff.
RBS leads FTSE fallers
The Royal Bank of Scotland is leading the fallers, as the indebted lender has managed to widen its full-year loss, dashing hopes of the government unwinding any of its 81% stake in the bank in the near future.
Standard Life revealed a 13% drop in full-year profits, but the real shock in its announcement was its contingency plans in relation to Scottish independence. Investors are now wondering whether Standard Life will leave Scotland if it leaves the union.
IG's grey market on the Poundland IPO has seen a surge in activity, with IG clients anticipating a market capital of £915 million. With 2013 was a good year for IPO’s, will 2014 be a great year for flotation’s?
Us markets up slightly
The Dow Jones is up 14 points at 16,212. US equities are a touch higher as Janet Yellen testifies in Washington. Ms Yellen is going to play the wait-and-see game; if the economy keeps improving then tapering will be implemented and if the economy stalls then quantitive easing will be left unchanged.
China continutes to weigh on copper
Copper continues to slide as questions hang over Chinese demand. The Peoples Bank of China is trying to get a bit of hot air out of the property market without bursting the bubble; either way the nation will need less copper.
US dollar benefits from Ukraine tension
The US dollar has benefited from the uncertainty in Ukraine. Political tensions heating up in the Crimea have triggered an outflow from the former Soviet state and into the safe-haven US dollar.
The Australian dollar was dragged lower by poor capital expenditure data. Australians are clearly more interested in saving than spending their spare cash.