Overnight Update: US stocks declined modestly on Wednesday after the Fed announced it would trim the bond purchases by another $10 billion this month and...

Overnight Update: US stocks declined modestly on Wednesday after the Fed announced it would trim the bond purchases by another $10 billion this month and changed the way it targets unemployment and inflation in deciding short-term interest rates. Treasury prices fell sharply, sending yields higher and the dollar jumped broadly. Gold prices headed lower for a third session in a row. Oil futures pared gains as a jump in weekly US crude supplies reported by the government came in at more than double what the market expected. Insurance firms took a dive in London after UK finance minister Osborne announced plans to scrap a rule that requires pension funds to be used to buy annuities. European equities finished slightly lower, with downgrades within the mining and banking sectors. London: BHP down 2.06% RIO down 1.43%. New York: BHP down 1.57% RIO down 1.51%. Base metals on the LME traded higher.