FTSE 100 retreated throughout the morning shedding 20 points to 6,875 on rising tension in the Middle East.
Saudi Arabia has launched air strikes in Yemen against Houthi rebels though a Saudi army official said there were no immediate plans to send in troops.
Mining giant Anglo American (LON:AAL) was the biggest faller, 3% lower at 1,043p, after rival copper miner Antofagasta (LON:ANTO) warned torrential rains and flooding in a desert region in northern Chile led to the temporary closure of three of its mines.
Yesterday’s increase in commodity reveresed this morning with gold, silver and platinum all shedding more than 0.5%.
EasyJet (LON:EZJ), was the big riser early, with a gain of more than 1.7% to 1,868p after it was upgraded by broker RBC Capital Markets to ‘Outperform’ from ‘Sector Perform'. Yesterday, the firm raised guidance for its half year numbers.
In other broker news, Prudential (LON:PRU) was rated ‘buy’ by US investment bank Goldman Sachs and broker Jeffries, despite being one of the companies most likely affected by the FCA’s expected annuities shake-up. Shares were flat at 1,685p.
In small cap news, e-commerce specialist cloudBuy (LON:CBUY) announced another contract, this time with a major US cloud-based provider to provide its services in America. This follows a contract win in the Middle East yesterday. Shares jumped 12% to 23p.