FTSE 100 preview: Shares up ahead of jobless news
The FTSE 100 is seen opening higher once again, stretching a three –day winning streak after gains overnight in the US and in Asia.
Hot streak: The Footsie aims for a fourth day of gains.
The FTSE 100 closed 23.28 points higher on Tuesday at 5,042.13, marking its third straight session of gains.
The UK index is up 45.7% since touching its March lows, though is still 6.9% below the level it was in mid-September 2008 before the collapse of Lehman Brothers, once the fourth-largest US investment bank.
Investors will eye the UK jobless report, with claimant count unemployment seen rising by 25,000 in August, after a 24,900 increase the previous month.
The ILO unemployment rate for May to July is seen moving up to 7.9%, from 7.8% in April to June.
After that the focus will be on US inflation numbers. Federal Reserve chief Ben Bernanke said on Tuesday the recession was likely over, but the recovery would be slow and it would take time to create jobs.
'Even though from a technical perspective the recession is very likely over at this point, it's still going to feel like a very weak economy for some time,' Bernanke said after addressing a Brookings Institution conference.
The European Commission may force Lloyds Banking Group to sell all or part of its key Halifax subsidiary in compensation for the billions of pounds of state aid the group has received, the Times reported.
Lehman Brothers Holdings said on Tuesday that Barclays Capital got a $8.2bn 'windfall profit' from excess assets it took control of in the fire sale of Lehman's US brokerage business a year ago.
Temporary cabin crew working for British Airways have been told their contracts will be terminated at the end of October as the airline steps up its cost-cutting drive, reported The Times.
UK Coal is to announce plans to raise about £100m from its investors, Sky News reported on Tuesday.
Next reports first-half results today and there will be updates from Northgate, Alkane Energy and Cape.
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