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FTSE preview: Shares hit by Middle East fear

By Reuters
Updated: 02:50 EDT, 31 January 2011

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The FTSE 100 is expected to fall this morning with fears of spreading unrest in the Middle East causing rising oil prices after by turmoil in Egypt.

Blue Monday: Shares may fall this morning.

Financial bookmakers saw the blue-chip index falling around 0.7% after it fell 1.4% on Friday to close at 5,881.37.

Brent oil futures climbed near $100 a barrel with fears that deadly protests in Egypt may foment unrest throughout the Middle East and choke oil supplies, putting a further strain on global economies struggling to emerge from recession.

On Friday, US stocks suffered their biggest one-day loss in nearly six months as investors sold out of risky assets on the Egyptian unrest, while Asian stocks slipped on Monday.

With an absence of top tier domestic data due for release, investors will watch German retail sales data for December due and euro zone inflation data later on.

US inflation data for December due for release will also be in focus.

BP wants to enter 'fast track arbitration' to settle a dispute with Russian shareholders in its TNK-BP joint venture over the British company's shares and exploration deal with Rosneft.

Royal Dutch Shell plans to evacuate its international staff and their families from Egypt on Sunday, a source close to company told Reuters.

Investors have written to BHP Billiton and Rio Tinto to say the miners should ditch ambitions for mega deals in favour of multi-billion pound share buyback schemes, The Sunday Telegraph reported.

Britain could start selling its £46bn stake in Royal Bank of Scotland early next year, the Financial Times said on Monday citing bosses at the bailed-out lender.

Investment bankers working in Britain expect, on average, 13% of their bonuses will be deferred, according to a survey published on Monday by financial services recruitment firm Astbury Marsden.

Separately, the Financial Services Authority's chairman has told British banks that society still needs assurance a financial collapse could never happen again and that there will be more regulation ahead.

There will be updates today from Mitie Group and Sthree.

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