FTSE drops after losses overseas

UK blue chip shares saw losses at opening following declines overnight in global markets.

In London, the FTSE 100 was down 0.84% at 5,738 just after the opening bell, having already shed near 0.5% on Tuesday. It dropped following losses in the US and Asia as the S&P 500 closed down 0.4% late last night, at 1,294 points, while in Japan the Nikkei finished 1.7% down at 9,449. The drop in the UK comes ahead of a stream of economic data later today. This morning, the Monetary Policy Committee (MPC) will publish the minutes of its latest meeting, while the Chancellor George Osborne will later today unveil the Budget, giving details about the state of the UK economy.