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FTSE 100 preview: Gold falls pull miners down

By Reuters
Updated: 03:08 EDT, 17 November 2009

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The FTSE 100 is seen opening lower as investors pause for breath after the index hit a 14-month closing high the previous session, with an easing of gold from record highs on Monday looking set to impact the mining sector.

Taking stock: Investors are expected to book profits today.

Financial bookmakers expected the UK blue-chip index to fall as much as 0.5% on opening, after it ended up 86.29 points, or 1.6%, at 5,382.67 on Monday, its highest close since September 2008 and notching up its fourth consecutive session of gains.

The index is only 0.6% below its level before the collapse of Lehman Brothers in mid-September 2008 and has surged 55.5% from a six-year low in March.

Investors will eye monthly UK inflation figures. Consumer price inflation is seen by analysts rising to 1.5% year-on-year in October, up from 1.1% in the year to September.

Later, US figures on producer price inflation will attract attention. US industrial production numbers will also form a focus.

Federal Reserve Chairman Ben Bernanke said on Monday that regulatory reform has to address the too-big-to-fail issue and it must be possible for financial firms to fail without dragging the broader system with them.

BoE policymaker Andrew Sentance said on Monday that Britain's economy is moving towards recovery and the Bank of England's latest forecasts show the risk of keeping monetary policy too loose for too long.

Lloyds Banking Group is attempting to bring about a financial restructuring of the troubled pubs group Admiral Taverns, which may include a £600m debt-for-equity swap, said the Independent.

British Airways has written a letter to the joint secretaries of Unite, saying it will not tolerate union members promoting strike action at work and would consider pressing criminal charges against anyone found putting stickers on the company's property, said the Times.

IG Group has connected to the equities trading platform Chi-X Europe in a move that will allow ordinary investors access to the fast growing alternative to the London Stock Exchange, said the Financial Times.

Punch Taverns and Whitbread could be forced to take over Threshers stores following the collapse of First Quench Retailing - the group which owned the wine retailer, reported the Daily Telegraph.

Invesco Perpetual has launched a new split cap investment trust in response to demand from investors for investments that are taxed as capital gains rather than investments, said the Financial Times.

There will be results posted today from British Land, Burberry, Icap, Easyjet, Enterprise Inns and Big Yellow.

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