Around the World's Markets: NEW YORK

WALL STREET opened lower amid concern over interest rates, fuelled this time by the increase in short-term rates by the Bank of England. After early trading, the Dow Jones was down 48 points, 0.44 per cent, at 10,986. The Nasdaq composite was down 13 points, 0.49 per cent, to 2,822.

The UK rate rise helped shape the opening on Wall Street. "It's a little on the sloppy side, a little pressured by the bond market due to the British rate rise," said Jim Benning, a trader at BT Brokerage.