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FTSE preview: HSBC, Pearson, Bunzl

By Reuters
Updated: 03:13 EDT, 28 February 2011

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London traders are expected to take stock on the final session of a very volatile month, after a strong rally on Friday.

The FTSE 100 index is expected to open down 2-3 points according to financial bookmakers.

The UK blue chip index closed 81.2 points higher on Friday at 6,001.2, bouncing back after five straight days of falls.

It was a shortened trading session after a severely delayed open which the London Stock Exchange said was caused by a problem with market data.

US stocks rose on Friday, bouncing back from a three-day sell-off as oil prices stabilised. But unease over the Libyan rebellion remained, and the S&P 500 index lost 1.7% for the week, breaking a three-week streak of gains.

Asian shares rose on Monday as financial shares clawed back some of last week's losses and higher oil prices buoyed energy stocks, but gains were capped by fears of futher outflows from emerging equities to developed markets.

Libyan leader Muammar Gaddafi on Sunday dismissed new UN sanctions against him and said a small group of rebels protesting his rule were surrounded and would be defeated.

No important economic data is due for release today, with little scheduled all week aside from February Markit/CIPS reports for manufacturing, construction, and service, and the latest Nationwide and Halifax house price surveys.

UK stocks to watch today are:

HSBC: The global lender posts full-year results.

BP: Oil major is claiming nearly £300m plus compensation from the UK government for taxes it paid 'by mistake' more than a decade ago, the Sunday Telegraph reported.

GlaxoSmithKline: GSK said on Friday that the US Food & Drug Administration has granted full approval for Promacta for treatment of a rare blood disorder.

Tesco: Britain's biggest retailer is to launch a £200m campaign to lower prices on some products, starting today.

J Sainsbury: The supermarket group is considering an aggressive roll-out of its new independently-located sandwich shop if the first site, on London's Fleet Street, proves successful, the Financial Times said today.

Cairn energy, Vedanta Resources: The Economic Times of India said at the weekend that the oil ministry has softened its stand on the Cairn-Vedanta deal by giving an option to the Indian cabinet to approve the transaction unconditionally while separately taking legal recourse to settle the royalty disputes between ONGC and Cairn India.

Xstrata, Lonmin: The Daily Mail on Saturday noted 'mutter from the gutter' that 24.6% shareholder, Xstrata, will soon return with a new cash offer for Lonmin.

Rio Tinto: Rio Tinto may look to buy Equinox Minerals, owner of the Lumwana copper mine in Zambia, one of the biggest to be developed anywhere in the past decade, The Times said on Saturday.

HMV: HMV will this week hold talks over a possible sale of its Waterstone's booksellers chain to Russian billionaire Alexander Mamut, The Mail on Sunday said.

Online gaming: There are fears within the British online gaming industry that the almost tax-free status enjoyed by the off-shore gaming industry could be drawing to a close, The Mail on Sunday said.

Pearson: The publishing group reports full-year results.

AB Foods: The food producer issues a trading update.

Bunzl: The paper and packaging group unveils full-year results.

Hays: The recruitment firm delivers first-half results.

Ultra Electronics: The engineering group unveils full-year results.

Senior: The engineer reports full-year results.

Avis Europe: The vehicle hire firm posts full-year results.

Hiscox: The Lloyds' insurer reports full-year results.

Keller Group: The construction firm delivers full-year results.

WSP Group: The contractor posts full-year results.

Bloomsbury Publishing: The book publisher reports full-year results.

Goals Soccer Centres: The soccer pitches operator posts full-year results.

Sagentia Group: The firm unveils full-year results.

Law Debenture Corp: The group reports full-year results.

Offshore Hydro Mapping: The firm holds its annual general meeting.

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