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FTSE preview: N Korea adds to Ireland worry

By Reuters
Updated: 02:57 EDT, 23 November 2010

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The FTSE 100 index is seen falling on Tuesday, as European debt contagion fears remain to the fore, and after North Korea fired dozens of artillery shells at a South Korean island.

People walk past London's Stock Exchange

Taking stock: markets are expected to be spooked by news from Ireland and N Korea.

The UK blue chip index looks set to shed 30 points, or 0.5%, according to one financial bookmaker, after it ended down 52 points, or 0.9%, at 5,680.83 on Monday, its lowest close since October 29.

'The (South Korea news) will undermine any positive sentiment that's out there - it's just another worry. It's going to be a slow news week anyway, so anything that's bad that comes up will have an impact,' Mic Mills, head of electronic trading at ETX Capital, said.

No domestic economic data is scheduled for release on Tuesday.

Irish Prime Minister Brian Cowen defied mounting pressure to quit on Monday, saying he would stay in office until parliament passed an austerity budget needed to secure an IMF/EU bailout, then call an early election.

European partners and the International Monetary Fund agreed in principle on Sunday to rescue Ireland with an expected €80bn to €90bn in loans to tackle a banking and budget crisis.

On the other side of the Atlantic, the first revision for US third quarter GDP and US October existing home sales data are due, with the latest FOMC meeting minutes later.

Qantas will resume flying Airbus A380 superjumbos this week on a limited basis, giving Airbus and engine maker Rolls-Royce a confidence boost after an engine failure crippled a jet with 466 people this month.

M&G, the fund management arm of Prudential, is to play banker to Taylor Wimpey, helping the embattled housebuilder to complete a crunch refinancing deal, the Times said.

There will be results today from Severn Trent, Bluebay Assert Management, Caledonia Asset Management, De La Rue, Homeserve, Intermediate Capital Group and Mitchells & Butlers.

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