Leading shares have lost ground in early trading ahead of UK inflation figures and a number of key US company results, with miners among the main fallers on profit taking.
The market has been holding up pretty well in recent days, mainly due to the expectation of further quantitative easing from Europe and the US to help stimulate the global economy. But with a number of uncertainties still out there - European sovereign debt, spending cuts - it was inevitable that investors have decided to cash in some of their gains.
So the FTSE 100 has fallen 70.24 points to 5602.16, with security group G4S the only riser in the leading index after an outperform rating from Exane BNP Paribas, and that a 0.8p increase to 254.7p. Inflation figures are expected to show CPI as flat on the month and up 3.1% year-on-year, while UK trade numbers are also due, and later the minutes of the latest US Federal Reserve meeting.
With metal prices slipping back - copper is down around 1% - after China's recent decision to tighten lending conditions for some of its major banks, Xstrata has fallen 30.5p to £12.48 and Antofagasta is down 29p at £12.39.
Oil has edged lower too, helping push energy companies lower. Cairn Energy is down 9.6p at 431.6p and BG is off 25.5p at 1131.5p.
Meanwhile five year gilt yields have fallen to a record low below 1.5% as investors seek safe havens.
