London open: UK stocks drop early on as investors await risk events

UK stocks dropped sharply on Wednesday morning as the sell-off resumed ahead of a busy session for global financial markets.The FTSE 100 was down 0.8% at 6,284 early on.The index had jumped 2.4% the previous session, snapping a six-day losing streak, as West Texas Intermediate crude futures rebounded after dipping below $55 a barrel, their lowest level since mid-2009.Investors were likely to take a cautious approach on Wednesday ahead of a Federal Reserve policy decision, a Greek presidency vote and minutes of the latest Bank of England meeting.Meanwhile, there will also be a raft of economic data on tap, including unemployment figures in the UK, a final reading of November inflation in the Eurozone, and inflation numbers in the States."Market volatility appears to be the order of the week, as a range of economic and political announcements mean that we have seen traders find it difficult to know whether we should be coming or going," said analyst Joshua Mahony from Alpari.Dixons Carphone jumps Electrical retailer Dixons Carphone was in demand after a strong first half in the UK helped group like-for-like revenues rise 5%. However, the company also warned that Dutch and German trading was still tough and said it was launching a review and restructuring.Advertising and media giant WPP fell after unveiling a successor to Philip Lader who announced his plan to step down as long-running chairman earlier this year. The company said it has appointed IMI chairman Roberto Quarta as a non-executive director and chairman-designate.Mining stocks were mixed early on with Anglo American, BHP Billiton and Glencore trading in the red, and Rio Tinto and Evraz making gains. Liberum upgraded its rating on the mining sector to 'hold' on Wednesday, with share prices having reached "our once-bearish price targets".Glencore however was being weighed down by a ratings cut at Deutsche Bank to 'hold'.Saga fell despite the over-50s services provider saying it expects to meet market expectations for the full year. The company, which provides travel, financial and healthcare services as well as a magazine for its 2.7m active customers, said trading since the half-year stage at 1 August has been "in line".Market MoverstechMARK 2,850.54 -0.82%FTSE 100 6,284.01 -0.76%FTSE 250 15,349.13 -0.50%FTSE 100 - RisersDixons Carphone (DC.) 439.70p +3.05%Aberdeen Asset Management (ADN) 410.00p +1.49%National Grid (NG.) 882.00p +0.57%Tullow Oil (TLW) 383.30p +0.50%Compass Group (CPG) 1,058.00p +0.47%3i Group (III) 422.40p +0.09%Rio Tinto (RIO) 2,728.50p +0.06%Royal Dutch Shell 'A' (RDSA) 2,037.00p +0.02%FTSE 100 - FallersMondi (MNDI) 996.00p -3.95%Capita (CPI) 1,038.00p -2.54%International Consolidated Airlines Group SA (CDI) (IAG) 450.50p -2.53%Petrofac Ltd. (PFC) 674.00p -2.03%Royal Mail (RMG) 389.70p -1.89%IMI (IMI) 1,163.00p -1.86%Intu Properties (INTU) 323.30p -1.79%G4S (GFS) 267.40p -1.76%Whitbread (WTB) 4,399.00p -1.68%Johnson Matthey (JMAT) 3,244.00p -1.67%FTSE 250 - RisersEvraz (EVR) 123.80p +4.74%Catlin Group Ltd. (CGL) 604.50p +3.87%Tate & Lyle (TATE) 583.50p +3.55%Bank of Georgia Holdings (BGEO) 1,903.00p +3.54%Man Group (EMG) 147.10p +1.66%Petra Diamonds Ltd.(DI) (PDL) 185.10p +1.42%SSP Group (SSPG) 279.40p +1.38%Vedanta Resources (VED) 551.50p +1.38%Tullett Prebon (TLPR) 263.70p +1.15%Pace (PIC) 323.80p +1.12%FTSE 250 - FallersFidessa Group (FDSA) 2,318.00p -3.01%Centamin (DI) (CEY) 50.85p -2.59%Amec Foster Wheeler (AMFW) 810.50p -2.58%Serco Group (SRP) 155.20p -2.57%AO World (AO.) 265.80p -2.28%Hochschild Mining (HOC) 77.90p -2.01%RPS Group (RPS) 200.00p -1.96%Cineworld Group (CINE) 384.70p -1.91%Spire Healthcare Group (SPI) 314.00p -1.88%RPC Group (RPC) 583.00p -1.69%