The leading FTSE 100 index is up 41.8 points at 6,406 mid-afternoon, whereas the Dow is down around 69 points, or 0.5%.
The reason behind the fall on Wall Street is the consumer prices report, which was higher than expected, prompting fears that there could be no further interest rate cuts due to inflation concerns.
Companies in the financial services sector have weighed on the Dow in the US, as they are most likely to be positively affected by an interest rate cut.
But in London, all seems hunky dory. In fact, according to Rob Carnell, an economist at ING Financial Markets, "this will not keep the Fed from easing further, should market conditions warrant it".
He continues: "Much of the rise in the inflation rate is simply down to unfavourable calendar comparisons with 2006, as oil prices had been falling sharply this time last
year, making today's inflation look much worse than is probably the case."
So it seems London is taking a more optimistic approach than Wall Street today.
