UK equities sank on Wednesday after reports on sharp increase in Japan's trade deficit. Adding to risk-aversion in the markets, traders await FOMC minutes release due later in the day. The FTSE 100 Index tumbled by 1.10% to trade at 5,800.23 at the time of writing. All industries included in the index slumped. Basic materials sector posted the biggest losses. BHP Billiton dropped by 1.59% after the firm announced that it will not invest in new projects until mid-2013 amid weak commodity prices. Anglo American, Rio Tinto and Eurasian Natural Resources also followed bearish trend, retreating by 2.47%, 2.20% and 1.39%, respectively. Meanwhile, oil and gas companies were mixed, with Tullow Oil climbing 1.24% and BP sliding 0.60%. On the downside were also lenders. Barclays, Royal Bank of Scotland and HSBC Holdings dropped by 0.33%, 0.13% and 0.83%, respectively.