UK stocks swung between small gains and losses on Wednesday. The major London benchmark was being pulled one way by a rally for the retail sector after an upbeat trading update from Next, and in the other by continuing gains for the pound, MarketWatch reports.

What are markets doing: The FTSE 100 index slipped 0.1% to 7,642.50, adding to a 0.5% loss from Tuesday, the first trading session of the year.