FTSE preview: Tullow takeover talk
The Footsie is due to tread water on the open, with traders cautious after stocks in Japan fell 1%.
In a sign that fears of a double-dip recession are receding, British retail sales growth accelerated last month, helped by clothes sales, a survey showed today, but discounting played a part in the improvement and consumers remain reluctant to splash out on expensive items.
The British Retail Consortium said retail sales values were 1.0% higher than a year ago in August on a like-for-like basis. Total sales, which include new floorspace, were 2.8% higher.
Emphasising the tough economic environment the corporate sector is facing, however, British companies expect hiring rates to be static for the rest of this year, with firms in the public sector expecting to cut headcount, a survey showed on Tuesday.
Banks will be under scrutiny after the Wall Street Journal said Europe's recent 'stress tests' of the strength of major banks understated some lenders' holdings of potentially risky government debt.
UK stocks to watch today are:
RIO TINTO / BHP BILLITON: Shares in the Australian listings of the miners extended losses after two key independent MPs backed the Labor party, giving Prime Minister Julia Gillard the majority needed to form a government.
BARCLAYS: The bank is expected to appoint Bob Diamond as its new chief executive in a shake-up at the British lender, media reports said on Tuesday.
CABLE & WIRELESS WORLDWIDE: Singapore Telecommunications, Southeast Asia's largest telecoms firm, is unlikely to bid for Cable & Wireless Worldwide as the company wants to focus on the Asia-Pacific region, Citigroup said on Tuesday.
ROYAL DUTCH SHELL: The oil major said its operations in the US-regulated areas of the Gulf of Mexico had not been affected by Tropical Storm Hermine, which churned toward a landfall near the Mexico-Texas border on Monday.
TULLOW OIL: Financial Times and Daily Mail reports said the oil exploration company was subject to takeover speculation, with China National Offshore Oil Corporation and ExxonMobil named as potential bidders.
WHITBREAD: The leisure group releases a trading update.
DECHRA PHARMACEUTICALS: The company releases its full-year results.
SPORTS DIRECT INTERNATIONAL: The sports goods retailer releases a trading update.
ASHTEAD: The equipment hire company releases its first-quarter results.
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