FTSE 100 preview: Shares up, builders in spotlight
The FTSE 100 is expected to rebound today with firmer commodity prices set to provide support for heavyweight miners and energy stocks.
Latest prices: Can the Footsie go back to black?
The blue chip index is seen gaining after it closed 0.7% lower at 5,134.36 on Monday, ending a six-session winning streak.
Oil rose to $70 a barrel, while metal prices were also slightly firmer after some weakness in the previous session.
The Dow industrials and S&P 500 retreated on Monday, but the Nasdaq rose, buoyed by a broker upgrade in the biotechnology sector. Asian trade was subdued on Tuesday with Japan closed again for a public holiday.
Equity trading is likely to be fairly subdued ahead of a two-day US Federal Reserve meeting which begins on Tuesday and a G20 meeting at the end of the week.
There is substantial support among the G20 for creating a new framework to help tackle global economic imbalances and prevent future crises, British Prime Minister Gordon Brown said on Tuesday.
Cadbury has approached the UK takeover panel to ask Kraft Foods to either make a formal takeover proposal or walk away for six months, the Financial Times said citing people close to the matter.
More than 100 British construction firms including Balfour Beatty face fines of more than £200m on Tuesday when the Office of Fair Trading concludes its investigation into bid rigging, the Guardian said. The OFT will announce to the stock exchange the results of its five year investigation into the cartel behaviour, the paper reported.
GlaxoSmithKline said on Monday it will pare back funding for continuing medical education seminars.
The managing director of investment group Pirc has criticised the large pay package demanded by Tony Ball, the prospective new chairman of ITV, the Guardian said.
Rio Tinto is selling its Alcan Composites business, which makes aluminium construction material used in wind farms to Swiss machinery firm Schweiter Technologies for $349m.
The new chief executive officer of TNK-BP will be decided by the end of the year, major share holder and billionaire Viktor Vekselberg told Interfax on Monday. Velkselberg split TNK-BP's ownership 50-50 with BP.
There will an update today from Imperial Tobacco and JD Sports will release first-half results.
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