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FTSE preview: Ireland fears dominate

By Reuters
Updated: 03:16 EDT, 17 November 2010

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The Footsie is expected to open 3 to 11 points lower as worries persist about eurozone bailouts and Chinese rate hikes.

A trader holding a pen, pointing at the stock chart on LCD screen.

It slid 2.4% yesterday to close at 5,681.90, its biggest fall in three months, on concerns over Irish government debt.

Ireland's finance minister Brian Lenihan said it would welcome help in fixing the problems in its banking system, but financial assistance to the country is not inevitable.

Eurozone ministers are sending a joint European-IMF mission to Ireland that could prepare the way for a bailout to prevent its debt crisis spreading to other countries.

Asian stocks slipped on the Irish debt jitters, while a report by an official newspaper that China may raise interest rates as early as this week hurt shares in Shanghai and Hong Kong.

Meanwhile, Chinese premier Wen Jiabao said Beijing is preparing steps to tame price increases, while the central bank chief said the government will impose price ceilings on food items and crack down on speculation on agricultural commodities.

Back in the UK, investors will watch employment data, which is forecast to show an increase of 5,000 in the claimant count in October.

The minutes of the Bank of England monetary policy committee's latest meeting on interest rates are also due out later.

Barclays, Carnival, HSBC, Marks & Spencer, J Sainsbury and Vodafone are all set to go ex-dividend, taking 10.39 points off the FTSE 100 index.

Stocks to watch today include:

BP: Lacking standards to weigh costs against safety, BP and its partners made critical errors leading to the largest offshore oil spill in US history, according to a scientific panel report obtained by Reuters on Tuesday. Separately, a sour water leak from a compressor at a BP refinery in Texas did not affect production, sources said yesterday.

HSBC: The bank is raising the basic pay of many senior investment bankers by as much as double, a source told Reuters.

BHP Billiton: The global miner sold 90,000 tonnes of Newman iron ore fines at $171.50 a tonne, cost and freight, through a tender, traders said.

Barratt Developments: The housebuilder issues a trading update.

Centrica: The utility issues a trading update.

Experian: The credit checking company releases its first half results.

ICAP: The interdealer broker releases its first half results.

Informa: The publisher releases a trading update.

Mothercare: The retailer releases first half results.

SIG: The insulation and roofing group issues a trading update.

Ted Baker: The fashion company releases a trading update.

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