The FTSE 100 Index is down 2.8 points at 3937.6 in a day of little blue-chip company news.
With US futures markets closed until later in the morning, traders are also directionless over which way Wall Street will open.
In London, banks and insurers have gained, although retailers and drug stocks offset the rises.
Lloyds TSB is up 6p at 452p, Abbey National 12p ahead at 530p and HSBC up 6p at 692.5p.
Insurers rose, despite worries about the impact of flooding claims on the sector. Aviva is up 5p at 448p; Royal & Sun Alliance has edged up 2p to 122.75p.
But retailers are suffering from disappointing consumer confidence figures in the United States. Among those on the slide are Sainsbury, off 1.75p at 277p; Morrison's, down 2p at 214pp; and Safeway, off 5.25p at 208p.
Drugs stocks are also exerting downward pressure, with GlaxoSmithKline and AstraZeneca lower - off 24p at 1168p and 20p at 2200p, respectively.
PA