May 7 - Britain's FTSE 100 .FTSE index is seen opening lower on Wednesday, with futures FFIc1 down 0.08%.

* DIAGEO: A new lawsuit accused spirits giant Diageo DGE.L of misleading consumers by deceptively labeling some of its popular tequila products as “100% tequila” despite containing other alcohols.

* TRADE: The U.S. and Britain have made good progress in negotiating a trade deal that would likely include lower tariff quotas on steel and autos, a UK official said.

* OIL: Oil prices rose on signs of weakening production in the U.S. and higher demand in Europe and China.

* GOLD: Gold prices retreated as optimism over potential U.S.-China trade talks weakened demand, while investors braced for the Federal Reserve's policy meeting later in the day.

* METALS: Metals in London were rangebound as investors awaited a meeting between top U.S. and Chinese trade officials, as a chance to tone down the ongoing trade war.

* The UK blue-chip index .FTSE closed flat on Tuesday as investors assessed the lingering tariff concerns and their economic impact, with attention shifting to upcoming U.S. Federal Reserve and Bank of England policy decisions.

* UK CORPORATE DIARY:

* For more on the factors affecting European stocks, please click on: LIVE/

TODAY'S UK PAPERS> Financial Times PRESS/FT> Other business headlines PRESS/GB

(Compiled by Simone Lobo in Bengaluru)

((Simone.Lobo@thomsonreuters.com; +919920570373;))