The FTSE 100 was trading 0.2% lower at 6,360 in early deals.

London’s benchmark index jumped 1.7% to a one-week closing high of 6,372 on Tuesday on reports that the European Central Bank (ECB) is considering buying corporate bonds on the secondary market in a bid to boost Eurozone growth.

Economic expansion in China was also still in focus after data showed a slowdown to 7.3%, albeit not as bad as feared, in the third quarter. China’s premier Li Keqiang was reported as saying overnight that growth is still in a “reasonable range”.

“After slowing [growth] confirmed yesterday, it would appear ECB consideration of more stimulus is enough for markets to offset worries about China,” said Mike van Dulken, head of research at Accendo Markets.

However, Belgian daily De Tijd reported that ECB governing council member Luc Coene said Frankfurt has no concrete plans to buy corporate bonds.

Market sentiment on Wednesday morning will likely be dominated by the minutes of the latest Monetary Policy Committee (MPC) meeting at the Bank of England.

According to analysts at Capital Economics, the minutes of the October meeting due at 09:30 “seem likely to indicate that the Committee is still several months away from voting to raise interest rates” after the drop in inflation to 1.2% in September.

BAT under pressure, BHP edges higher

British American Tobacco was among the worst performers after reporting that revenue growth slowed in the third quarter as depressed consumer income met large tax-driven price rises. Sector peer Imperial Tobacco was also unwanted.

The share price of BHP Billiton inched up after the mining giant said that production growth remained steady at 9% in the first quarter, driven by increases in iron ore and petroleum.

Home-credit business International Personal Finance saw shares jump after a slowdown in profit growth in the third quarter matched analysts’ expectations as a result of higher spending and currency movements.

Argos and Homebase owner Home Retail dropped as the company cautioned that the group’s full-year results would depend on a good Christmas for Argos.

Supergroup shares were under pressure after the fashion retailer announced that the former chief executive of the troubled Co-operative Group would become its new boss, replacing founder Julian Dunkerton.

A strong third-quarter performance from Laird followed major customer Apple’s hugely successful iPhone 6 launch, accelerating revenue growth for the electronic components group and causing shares to rise on Wednesday.

Marketing and events group UBM was also higher as it said it is on track to hit targets on an underlying basis after performing well in the third quarter.

Market Movers
techMARK 2,654.10 +0.45%
FTSE 100 6,359.50 -0.20%
FTSE 250 15,108.69 +0.56%

FTSE 100 – Risers
ARM Holdings (ARM) 832.00p +3.23%
Smith & Nephew (SN.) 984.00p +2.29%
Admiral Group (ADM) 1,271.00p +2.25%
International Consolidated Airlines Group SA (CDI) (IAG) 375.20p +1.41%
Direct Line Insurance Group (DLG) 274.80p +1.36%
Whitbread (WTB) 4,255.00p +1.31%
Old Mutual (OML) 180.30p +1.29%
Aviva (AV.) 504.50p +1.28%
Ashtead Group (AHT) 988.00p +1.18%
London Stock Exchange Group (LSE) 1,911.00p +1.16%

FTSE 100 – Fallers
British American Tobacco (BATS) 3,314.50p -4.38%
Sainsbury (J) (SBRY) 246.30p -1.48%
Morrison (Wm) Supermarkets (MRW) 160.00p -1.30%
Tesco (TSCO) 183.50p -1.29%
Centrica (CNA) 290.90p -1.22%
Imperial Tobacco Group (IMT) 2,522.00p -1.14%
Fresnillo (FRES) 800.00p -1.05%
Diageo (DGE) 1,739.00p -0.91%
Smiths Group (SMIN) 1,181.00p -0.84%
GlaxoSmithKline (GSK) 1,332.50p -0.71%