City sources predict the FTSE 100 will open down 12 points from yesterday's close of 6,117, tracking declines seen in Asia overnight.

Both the Dow Jones Industrials and S&P 500 indices were up at the close of US trading on Tuesday after a late-day rally in a number of US stocks following encouraging data revealing retail sales had increased in the month of December by 0.5 per cent compared to an upwardly revised gain of 0.4% for the previous month.

The Nasdaq was the only major US benchmark to fall slightly, weighed down mainly by a fall in Apple's share price.

Today's economic announcements include the US consumer price index, US industrial production, and EU new car registrations.

In UK company news, information services company Experian has reported that in the three months to December 31st total revenue from continuing activities increased by 7.0% at constant exchange rates. At actual exchange rates, total revenue from continuing activities increased by 5.0%, with the difference mainly reflecting depreciation of the Brazilian Real relative to the US dollar. Group organic revenue growth was 7.0% year-on-year.

Global power systems company Rolls-Royce has secured a 75m dollar contract to supply PetroChina with equipment and related services to power the flow of natural gas through the world's longest pipeline.

Meggitt has been selected by Snecma, part of the Safran Group, to provide a package of sensor products for engines that power the Boeing 737MAX. The group, which provides high performance components and sub-systems for the aerospace, defence and energy markets, said that Snecma (through a 50/50 joint company with GE) has already secured orders for LEAP-1B engines to power over 1,000 aircraft.

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