Today, most metals prices are down after Jerome Powell’s hawkish speech yesterday, which fuelled demand worries. The Fed head reminded investors that the job of fighting inflation is not over, despite appearances. This led investors to sell mining stocks. The blue-chip index was down 1% at 9am.

Also denting sentiment, new figures from the Office for National Statistics show the British economy remained flat in the third quarter of the year compared with the previous quarter. However, on the plus side, this means Britain avoided recession.

Among stocks, shares of Diageo tumbled 13.3% after the spirits group slashed guidance its due to lower demand in Latin America and the Caribbean.

Big fallers also include the housebuilder Redrow, which lost 6% after warning that it expects annual results to be towards the lower end of its guidance range.

Things to read today:

Jay Powell warns Federal Reserve against risk of being ‘misled’ in inflation fight (Financial Times)

The Stock Market Is Incredibly Expensive. What History Says Happens Next. (Barron's)

UK Staves Off Recession Threat for Now With Stagnant Quarter (Bloomberg)