Shares in London drifted lower today as a shortage of economic and corporate data left investors with little to cheer.

The biggest steel maker in Russia was today said to have dropped its interest in British-Dutch steel group Corus following last week's bid by Indian firm Tata Steel.

The richest man in Russia after Roman Abramovich today unveiled plans to float his steel giant on the London market with a mooted value of £6bn (€8.8bn).