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FTSE 100 preview: Shares up; Tesco profit

By Reuters
Updated: 02:53 EDT, 5 October 2010

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The FTSE 100 is expected to open higher today after falls in the previous session, although investors were seen as reluctant to take big positions ahead of key data and interest rate decisions later in the week.

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

Eye on the market: Investors will watch Tesco results today.

Financial bookmakers saw the index rising as much as 0.5% on Tuesday after it fell 0.7% on Monday to close at 5,555.97.

Investors will watch September's UK services PMI report. It is forecast to come in at 51.0, a slight dip from the 51.3 recorded in August.

Trading volumes, however, are likely to remain thin as investors await interest rate decisions from the Bank of England and the European Central Bank on Thursday and US non-farm payrolls on Friday.

In a surprise move showing its worries that a strong yen and slowing growth are undermining a sluggish economic recovery, the Bank of Japan cut interest rates and pledged to keep rates at zero until prices are seen stable.

And Australia's central bank left interest rates on hold, confounding expectations for a rise, though the central bank did emphasise that higher rates would likely be needed in time to contain inflation.

US Federal Reserve Chairman Ben Bernanke said on Monday the Fed's asset purchases lowered borrowing costs and helped the economy, and more buying could further ease financial conditions. US stocks fell on Monday, with the Dow Jones industrial average down 0.7%.

There will be results from Tesco today.

BP may sell its main Vietnam assets worth around $1bn to its Russian joint venture, TNK-BP, without inviting other parties to bid, Chief Executive Bob Dudley said on Monday.

Separately, an Alaska joint venture created by BP and ConocoPhillips said on Monday it received bids from companies willing to send natural gas down a massive but yet-to-be-built pipeline from Arctic Alaska to major North American markets.

Saskatchewan's advisers urged the Canadian province not to oppose a takeover of Potash Corp by BHP Billiton, and said a Chinese bid, if one emerges, could hurt their budget more.

Private equity firms including Apax Partners and Providence Equity have shown interest in buying BT Group's stake in Tech Mahindra that is likely to be valued at $830m, the Economic Times said on Tuesday.

Privately-owned German cleaning firm CWS-Boco could be a predator for Rentokil Initial, the Financial Times market report said. The Daily Express market report also noted 150p a share bid talk for Rentokil.

US hedge fund Harbinger Capital Partners confirmed after the close on Monday that it will sell almost half its 28% stake in Inmarsat and ruled out making an offer for the British satellite operator.

There will be updates today from TUI Travel and Northern Foods.

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