FTSE preview: Miners to open strong, but focus still on Egypt
The FTSE 100 is seen opening up 17-19 points, extending Friday's advance in tandem with gains on Wall Street and in Asia.
Foreign affairs: Developments in Egypt will be watched closely
Strength in commodities was expected to be a feature as crude and metal prices held firm, with London copper hitting record highs on Monday, underpinned by a weaker dollar and positive fundamental outlook.
US crude futures recovered slightly to trade above $89 a barrel after falling nearly 2% on Friday, though the focus remained firmly on Egypt's political crisis.
The Egyptian government opened talks with the opposition at the weekend to resolve the country's deepest crisis in 30 years, but it was far from certain the situation had been defused.
The FTSE 100 ended up 14 points on Friday at 5,997.4, boosted by strength in financial stocks and miners as investors focused on the positive aspects of mixed US employment data.
Asian stocks clung to early gains on Monday, led by advances in Japan which has fared better than its regional peers in the recent selling spree.
On the domestic front, Prime Minister David Cameron ruled out big tax cuts at next month's budget, confirming in a Sunday newspaper interview that his focus remained on reducing Britain's budget deficit.
No major economic data will be released on Monday, with the main focus for the week likely to be on the Bank of England interest rate decision (due at noon on Thursday) although no change is expected again to UK monetary policy.
Stocks to watch today include:
Randgold Resources: The South African-based gold miner posts fourth-quarter results.
BP: The oil giant is in talks with Indian energy major Reliance Industries to buy a 30-45% stake in the D6 hydrocarbon block in a basin off India's east coast, the Mint newspaper reported on Monday, citing a person with knowledge of the development.
Barclays: The bank could pay new chief executive Bob Diamond a bonus worth more than £9m for 2010, Sky News said on Friday, which could fuel a bitter row with the public and politicians over high pay for bankers.
Rexam: The British can-maker has appointed Barclays Capital to sell its beverage and specialties arm in a deal that could be worth £200m, the Mail on Sunday reported.
Wm. Morrison: The British retailer plans to launch a fashion range in partnership with designer George Davies, founder of fashion chain Next, the Mail on Sunday reported.
TUI Travel: The firm's German unit will cut costs to raise the operating return on sales to at least 3% by 2015, TUI Germany chief Volker Boettcher told Frankfurter Allgemeine Zeitung.
Regal Petroleum: The British oil explorer Regal Petroleum said it had backed an improved cash offer from Energees Investments, a bid vehicle controlled by Ukrainian conglomerate Smart Holding. Energees is offering 38 pence per share in cash for 70% of Regal, 58% more than its initial bid of 24 pence per share unveiled in December, the company said on Sunday.
888 Holdings, Ladbrokes: Merger talks between Ladbrokes and 888 are understood to have hit a snag over price, with sources saying Ladbrokes is unwilling to increase its offer and could simply walk away, the Mail On Sunday said. 888 Holdings posts fourth-quarter results.
Premier Foods: The food firm is considering selling its Hovis brand and has met NM Rothschild to discuss a sale, the proceeds from which would help slash its debt mountain of about £1.4bn, the Mail on Sunday said.
Bellway: The housebuilder issues a trading update.
St Modwen Properties: The real estate firm reports full-year results.
Kofax: The software group unveils first-half results.
Amino Technologies: The Internet television group delivers full-year results.
Hardide: The industrial coatings firm holds its annual general meeting.
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