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FTSE 100 preview: Shares down, UK GDP in focus

By Reuters
Updated: 03:14 EDT, 29 September 2009

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The FTSE 100 is seen opening down on Tuesday, pausing after strong gains the previous session with investors eyeing final UK GDP data and looking ahead to the US September jobs report on Friday.

Updates: Latest from the London Stock Exchange

The UK blue chip index closed 83.50 points higher on Monday at 5,165.70 boosted in the afternoon by strength on Wall Street.

US stocks rallied on Monday, snapping a three-day losing streak, as a spurt of corporate takeovers in the technology and healthcare sectors fuelled optimism about share values.

In Asia on Tuesday, Japan's Nikkei average put on 0.7%, helped by the yen's retreat from an eight-month high hit in the previous session after Japan's Finance Minister Hirohisa Fujii said currency intervention was possible in extreme cases.

Investors will be focused ahead on the release of the final reading for UK Q2 GDP with a quarterly fall of 0.7% expected, down from 0.8% previously, giving an annualised drop of 5.4%, up from a 4.9% decline previously.

Bank of England August consumer credit and mortgage lending numbers are due out at the same time, while September's CBI distributive trades survey will be released later in the session.

Across the Atlantic, September US consumer confidence numbers will be released this afternoon, together with the July Case/Shiller house prices report.

Head-hunters have said ITV must move quickly to secure both a new chairman and a new CEO, if it is to avoid further damaging talk, The Financial Times said.

Jessops, the struggling camera retailer, has put forward a rescue plan that will keep the firm in business but provide little return for equity investors

Barclays bank is in talks to buy the banking division of Standard Life, the Times said without citing sources.

Plus Markets said Middle East investors have agreed to buy a 17.2% stake for £5m.

There will be updates today from TUI Travel, Daily Mail & General, Compass Group, Enterprise Inns, Dairy Crest and Close Brothers.

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