The FTSE 100 (^FTSE) headed lower on Wednesday while European stocks were mixed as the US intervention in Venezuela continued to send ripples through the markets.

Donald Trump declared that Venezuela will send the US between 30 million to 50 million barrels of oil (CL=F, BZ=F), which will then be sold, worth up to $2.8bn (£2.1bn).

Posting on his Truth Social site, Trump said: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.”

“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”

His comments come after he said the US oil (CL=F, BZ=F) industry would be “up and running” in Venezuela within 18 months and that he expected huge investments to pour into the country.

There are currently millions of barrels of Venezuelan oil (CL=F, BZ=F) stashed on tankers and in storage tanks due to the US blockage imposed by Trump.

Increasing the country’s production of oil (CL=F, BZ=F) would be expensive for US firms. Venezuelan oil is also heavy and more difficult to refine, with Chevron (CVX) currently the only US company operating in the country.

Trump has said he wants interim president Delcy Rodriguez to give the US and private companies “total access” to Venezuela’s oil (CL=F, BZ=F) industry.

  • London’s benchmark index (^FTSE) was 0.3% lower in early trade, with shares in energy companies dropping at the start of trading.

  • Germany’s DAX (^GDAXI) rose 0.4% and the CAC (^FCHI) in Paris headed 0.3% into the red.

  • The pan-European STOXX 600 (^STOXX) was hovering around the flatline.

  • Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green.

  • The pound was flat against the US dollar (GBPUSD=X) at 1.3496.

FTSE Index – Delayed Quote • USD

10,055.69

-67.04

(-0.66%)

As of 10:44:11 GMT. Market open.

Follow along for live updates throughout the day:

LIVE 7 updates

  • Eurozone inflation eases to 2.0% in December

    Eurozone inflation eased to 2.0% in December, matching market consensus.

    Diego Iscaro, Head of European Economics at S&P Global Market Intelligence, said:

  • FTSE risers and fallers

    Here are the top FTSE risers and fallers this morning:

  • Learner drivers may have to wait six months before taking test

    Learner drivers in England and Wales could face a minimum of up to six months between sitting their theory and practical tests, the BBC has revealed.

    The government is set to unveil the measure, which will be subject to consultation, as part of its wider road safety strategy launched on Wednesday.

    The strategy will include proposals for a lower drink-driving limit in England and Wales, to bring them in line with Scotland.

    The BBC said the shake-up of driving laws is aimed at reducing the number of people killed or badly injured on Britain’s roads by 65% over the next decade, and by 70% for children under 16.

    It comes as a fifth of all deaths or serious injuries from crashes involved a young car driver in 2024, according to official figures.

    The government believes a minimum period between sitting the theory test and the practical test would help learner drivers develop their skills, including driving in different conditions.

    The Department for Transport will consult on three or six months for the minimum learning period. It would include any informal learning they may do with parents or guardians as well as formal lessons with a driving instructor.

  • Wallace warns of Nato ‘demise’ if Trump attacks Greenland

    Former defence secretary Sir Ben Wallace said it would signal the “demise of a large part of Nato” if Donald Trump were to attack Greenland.

    He told BBC Radio 4’s Today programme:

    When asked if he thinks the UK Government needs to go further in sticking up for Denmark and Greenland, Sir Ben said:

    It comes as the White House said on Tuesday that using US military is ‘always an option’ for acquiring Greenland.

    “President Trump has made it well known that acquiring Greenland is a national security priority of the United States, and it’s vital to deter our adversaries in the Arctic region. The president and his team are discussing a range of options to pursue this important foreign policy goal, and of course, utilizing the US military is always an option at the commander-in-chief’s disposal,” White House press secretary Karoline Leavitt said in a statement.

  • Global stock market rally loses momentum

    Kathleen Brooks, research director at XTB, said:

  • Asia and US overnight

    Asian shares were mixed overnight as investors’ turned their attention to global interest rates and uncertainty caused by developments in Venezuela.

    The Nikkei (^N225) fell 1.1% on the day in Japan after setting a fresh record a day earlier, while the Hang Seng (^HSI) fell 0.9% in Hong Kong. The Shanghai Composite (000001.SS) eked out a 0.05% gain by the end of the session.

    In South Korea, the Kospi (^KS11) added 0.6% on the day.

    It came as Brent crude oil fell as much as 1.4% as US president Donald Trump said the US would take control of up to 50 million barrels of sanctioned Venezuelan oil and sell it at market prices.

    On Tuesday, broad gains led by technology stocks pushed prices on Wall Street to more records. The gains mirror much of the action from the previous year, when big technology stocks often drove the market to a series of records.

    The S&P 500 (^GSPC) rose 0.6%, and the tech-heavy Nasdaq (^IXIC) advanced 0.7%. The Dow Jones (^DJI) gained 1% on the day, touching a new record of 49,462 as investors continue to react to Nicolas Maduro’s removal from power in Venezuela and await a fresh set of data this week to shed light on the US economy.

    DJI – Delayed Quote • USD

    49,462.08

    +484.88

    +(0.99%)

    At close: 6 January at 16:58:53 GMT-5

  • Coming up

    Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what’s moving markets and happening across the global economy.

    Looking at the day ahead, data releases include the Euro Area flash CPI print for December, German unemployment for December, whilst in the US there’s the ISM services index for December, JOLTS job openings for November, and the ADP’s report of private payrolls for December. Otherwise, central bank speakers include the Fed’s Bowman and the ECB’s Pereira.

    Here’s a snapshot of what’s on the agenda:

    • 9.30am: UK construction PMI for December

    • 10am: Eurozone December inflation flash reading

    • 3pm: US JOLTS job openings stats for November

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