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FTSE preview: Global fears weigh on shares

By Reuters
Updated: 03:15 EDT, 3 February 2011

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The FTSE 100 is expected to fall on Thursday after a strong rally in the past two sessions in line with lacklustre performances overnight on Wall Street and in Tokyo.

Dealers monitor their screens on the trading floor of IG Index in London

Losses: Shares are expected to drop this morning.

The UK blue chip index closed on Wednesday up 42.25 points, or 0.7%, at 6,000.07 points, driven by strong gains from banks and miners.

However, US stocks stalled on Wednesday, with key indexes ending mixed and technical measures suggesting a five-month rally was growing long in the tooth, while Japanese equities fell on Thursday.

With the Lunar New Year holidays across much of Asia and a US jobs data report looming on Friday, investors took a step back.

Highlighting geopolitical risks, clashes again overnight between Egyptian President Hosni Mubarak's supporters and demonstrators became increasingly violent.

Brent crude oil futures approached $103 a barrel as Mubarak's supporters opened fire on protesters in Cairo.

The only British economic data due for release on Thursday will be the Markit/CIPS January services PMI report.

Likely to have more impact, the latest US weekly jobless claims numbers will be released at 1330 GMT, providing another snapshot of the employment picture across the Atlantic ahead of Friday's key January US jobs report.

January's US ISM non-manufacturing report, together with January revised durable goods orders, and December factory orders will also be released.

Royal Dutch Shell is expected to announce a 75% rise in underlying fourth-quarter profits.

Lloyds Banking Group has had to cull the list of brokers it allows to sell its mortgages amid concerns of suspected fraud, the Financial Times said.

Rio Tinto said it expects to reopen its Hail Creek coal mine on Friday following a suspension ahead of Cyclone Yasi. The storm had miminimal impact on the mine, it said.

Xstrata has started evacuating staff from its Mt Isa copper mining and smelting unit in Australia as Cyclone Yasi continues its westward path inland, the company said.

Also, Xstrata said on Thursday that it has resumed operations at its Newlands coal mine, which was shut Wednesday night due to Cyclone Yasi, and is preparing to resume operations at its Collinsville coal mine where the cyclone knocked out power.

John Wood Group has put its well support division on the block and has hired Credit Suisse to advise on the sale, several sources familiar with the matter said on Wednesday.

JJB Sports admitted on Tuesday that unless investors stumped up more cash it could run out of money within two months putting more than 6,000 jobs at risk, The Guardian said.

SABMiller, whose brands include Grolsch and Peroni, could be targeted by Stella giant Anheuser-Busch InBev in a deal valuing £44bn, the Daily Express Market report said, with traders citing a Credit Suisse note.

There will results today from GlaxoSmithKline, BT Group, Unilever, and TUI Travel, with further updates from Vodafone and Qinetiq.

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