FTSE 100 preview: Share follow US up
The FTSE 100 is expected to rise today, tracking gains overnight on Wall Street and in Asia after solid earnings news and on hopes for further quantitative easing.
Gains: Shares may rise again today.
The UK blue chip index closed 85.76 points, or 1.5%, higher on Wednesday at 5,747.35, its best closing level since April 26, and its biggest one-day percentage rise since 20 September, boosted by firmer commodity issues as demand hopes were stoked by hopes for fresh economic stimulus measures in the United States.
US stock indexes hit their highest level in five months on Wednesday as stronger-than-expected earnings from JP Morgan Cazenove and Intel and lingering US dollar weakness increased demand for equities.
The US dollar tumbled to a 10-month low on Thursday after Singapore unexpectedly tightened policy to let its currency rise, lifting Asian stocks and copper to two-year peaks and gold to a record high.
No British data is due for release on Thursday, so investors will look to US September producer prices, August international trade figures, and the latest weekly jobless claims numbers to provide some macroeconomic direction in the afternoon.
September PPI is seen up 0.2% on the month, and ahead 3.7% year-on-year, after 0.4% and 3.1% increases respectively for wholesale inflation in August.
Rio Tinto maintained its production guidance for iron ore this year at 234m tonnes and said it was running all its diverse group of mining operations at close to or above capacity to cash in on strong mineral commodities' prices.
Potash Corp has pledged to move key staff from Chicago to Saskatchewan province as it tries to win political favour by matching BHP Billiton' promise to beef up its Canadian headquarters if it wins control of the fertilizer maker.
Britain's drug funding watchdog NICE said on Thursday patients taking GlaxoSmithKline's breast cancer pill Tyverb can continue with the drug while it assesses its use in advanced cases compared with Roche's Herceptin.
Shares in Kesa Electricals gained on Wednesday on the back of bid speculation from Best Buy and private equity firms, the Daily Mail's market report said.
There will be updates today from Diageo, Ashmore, Mothercare, WH Smith, Asos, Clinton Cards, Booker Group, Renishaw, Eaga amd Monitise.
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