FTSE preview: Metals to soar on G20 deal
The FTSE 100 is expected to start the week higher, with metals prices buoyed by a weaker dollar likely to lift heavyweight miners after the Group of 20 major economies agreed to avoid competitive currency devaluations.
Monday: Commodities are expected to lead rises today.
The UK blue chip index looks set to gain 43 to 48 points, or as much as 0.8%, according to financial bookmakers, after it closed 16.49 points, or 0.3%, lower at 5,741.37 on Friday, retreating after hitting a six-month closing high in the previous session.
Investors were waiting for a speech by Federal Reserve Chairman Ben Bernanke, which could outline details of an expected new round of US monetary stimulus.
In terms of domestic economic data, preliminary third-quarter UK GDP data, due on Tuesday, should attract a lot of attention.
With nothing significant due on Monday, investors will look ahead to releases later in the week including the October Nationwide house price index on Thursday along with October's CBI distributive trades survey, with GfK October consumer confidence data due after the market's close that day.
On Friday, investors will look at Bank of England September consumer credit, mortgage lending and mortgage approvals data.
On the other side of the Atlantic, investors will also look at September US existing home sales data.
Later in the week, the August US Case-Shiller house price index along with October Conference Board US consumer confidence data is due on Tuesday, September's US durable goods and new home sales data are scheduled for release on Wednesday, weekly US jobless claims data is due on Thursday, with US third-quarter GDP data out on Friday.
Brit Insurance is expected to succumb to an £850m takeover bid by private equity groups Apollo and CVC Capital Partners, the Times said.
BP has signed a $340m two-year agreement for a deepwater drilling rig offshore Angola, unlisted Norwegian rig-owner Odfjell Drilling said on Friday.
Tesco launched its bid to attract cash-strapped Christmas shoppers on Friday, saying it was offering price cuts, deals and loyalty rewards worth some £1.3bn.
McBride, the maker of retailer own-brand household products, holds its AGM.
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