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FTSE 100 preview: Mining gains; Inflation

By Reuters
Updated: 02:52 EDT, 17 August 2010

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The FTSE 100 is seen gaining on Tuesday, with mining stocks likely to be supported by steady metals prices, as investors await UK inflation data.

Dealers monitor their screens on the trading floor of IG Index in London

Inflation: Traders will watch economic news.

The UK blue chip index looks set to rise 19-21 points, or 0.4%, according to financial bookmakers, after it closed up 0.66 points at 5,276.10 on Monday.

In the United States, investors found little reason to buy stocks on Monday as the Dow and S&P 500 also ended barely changed, suggesting that even several days of losses have not convinced institutions that share prices are attractive.

In terms of domestic economic data, investors will scrutinise July's UK consumer price index. The annual rate is forecast at 3.1%, down from 3.2% in June.

Across the Atlantic, July's US housing starts data and the US producer price index for July are both due.

Technical issues on Monday muddled the timing of BP's planned final kill of its blown-out Gulf of Mexico oil well as concerns lingered over the environmental and health fallout from the world's worst offshore oil spill.

Barclays has agreed to pay $298m to settle criminal charges that it violated US sanctions through dealings with banks in Cuba, Iran, Libya, Sudan and Myanmar, according to US court documents filed on Monday.

And Barclays's $8.4bn investment in BlackRock has lost $2.75bn in value as the market reacts to rumours that Bank of America is considering selling its 34% stake in the global fund manager, the Daily Telegraph said.

Union members at AstraZeneca have voted to strike over the proposed closure of the pharmaceutical giant's final salary pension scheme, the GMB union said on Monday.

JJB Sports has been unsuccessful in its attempt to end recognition of the GMB union at its Martland Mill warehouse in Wigan, the Daily Telegraph said.

The Central Arbitration Committee ruled that the sporting goods retailer failed to provide evidence supporting its claim that the majority of employees supported the move, the newspaper said.

There will be updates today from Enquest, Gartmore, Melrose Resources, Londomn Capital Group and Rok.

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