Miners weigh on the FTSE as Severn Trent tops leaderboard in early trading

<p>- The markets edged higher yesterday amid discussions in the Eurogroup meetings that there are plans to clamp down on tax fraud in the EU. […]</p>

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- The markets edged higher yesterday amid discussions in the Eurogroup meetings that there are plans to clamp down on tax fraud in the EU.

- The FTSE Index closed up 0.1% and on the open this morning, it reached 6650 but fell to 6628 by 9am.

- Severn Trent was the top riser, up 18% in early trading after the UK water company announced an approach for a takeover. With utility stocks dominating the leader board, the top five losers all came from the mining sector, with Eurasian Natural Resources the weakest performer down 2.5%.

- Banks were also mostly lower with the exception of Lloyds who are now in quest of a new chairman.

- In Asia today, the Nikkei closed down 24 points at 14,758 and the Hang Seng was off 94 points at 22,895.

- It is a fairly quiet day in terms of economic data as we are only expecting one figure of high importance – the German Economic Sentiment which will come at 10am GMT, forecast at 39.5.

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