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FTSE preview: Shares down on US falls

By Reuters
Updated: 02:45 EDT, 24 September 2010

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The FTSE 100 index is expected to fall this morning, tracking weak showings on Wall Street and in Asia, aside from Japan, dogged by ongoing concerns over the strength of the global economic recovery.

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

Friday feeling: There is little to spur markets on today.

Equities in Tokyo, however, turned round from losses as rumours of further Bank of Japan intervention in the currency markets, for the second time this month, pulled the yen lower helping boost exporters.

The UK blue chip index closed down 4.83 points, or 0.1%, at 5,547.08 on Thursday, off earlier lows, but still notching up its third consecutive session of losses since hitting its highest close since late April on Monday.

US stocks were firmer at London's close, but turned down late on as concerns over above-forecast weekly jobless numbers offset a slight recovery in US existing home sales.

No domestic economic data will be released on Friday so investors will be focused on another batch of US pointers, to be released in the afternoon, including August durable goods orders and new home sales numbers.

HSBC is set to replace chief executive Michael Geoghegan with Stuart Gulliver, the head of its investment bank, and name its finance director, Douglas Flint as chairman, a person familiar with the matter said on Thursday.

European regulators said on Thursday GlaxoSmithKline's diabetes drug Avandia should be taken off the market but US officials allowed it to stay, with significant restrictions due to concerns about heart risks.

There will be updates today from Euromoney Institutional Investor, Brit Insurance, Mission Marketing Group and Filtronic.

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