(Reporting by Poornima Gupta; Editing by David Gregorio, Leslie Gevirtz and Ryan Woo)European shares turned lower but major currencies and commodities stuck within recent ranges on Wednesday as investors awaited clarity on the U.S. Federal Reserve's next policy move.

Yves Bot, an advocate-general at the EU's ludicrously entitled "Court of Justice" has issued a legal opinion reinstating a generous pay rise for European civil servants.

That last one is particularly ominous, as it suggests the internal solution proposed by the Tory leader may not go far enough.I'm told that significant number of Conservative MPs, in addition to David Cameron, have been asked by Sir Thomas Legg to provide more details of their mortage arrangements. Many of them compared notes in the lobbies last night and tried to work out "what is he fishing for?" as one MP described it to me this morning.

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On the financial front equity markets around the world were mostly lower for the week as market participants continued to look at the many signs that suggest that the global economy is likely to slow even further. Europe is now in recession. The decrease in equities were mostly a result of the view that all of the money printing by central banks around the globe have not had much of a positive impact on the global equity markets. Global equity values decreased as shown in the EMI Global Equity Index table below but are still marginally in positive territory for the year.