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FTSE 100 preview: Shares up on US news

By Reuters
Updated: 03:00 EDT, 3 March 2011

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The FTSE 100 index is seen rising on Thursday, following firmer showings overnight on Wall Street and in Asia after upbeat US economic data.

Good news: The Footsie may see a rare rise today.

The UK blue chip index looks set to gain 13-17 points, or as much as 0.3% according to financial bookmakers, after it closed down 20.87 points or 0.4%, at 5,914.89 on Wednesday.

The index has only risen on one day out of the last nine trading sessions.

US stocks eked out small gains on Wednesday after the Federal Reserve's Beige Book suggested economic activity picked up in 2011 and a private survey pointed to strong private-sector hiring.

Brent crude fell more than $3 as investors eyed a possible peace deal in Libya brokered by OPEC-member Venezuela, but it is still up over 21% since the start of the year.

Investors will watch a European Central Bank monetary policy meeting later on Thursday. The ECB is expected to step up anti-inflation rhetoric and may phase out some of its crisis support measures.

In terms of domestic economic data, UK February Markit/CIPS services PMI is due. Across the Atlantic, US weekly jobless claims data is due, ahead of February's US jobs report, due on Friday.

Also, the US February ISM non-manufacturing index is scheduled for release later.

Britain may approve News Corp's $12.5bn buy-out of BSkyB this week, two sources familiar with the situation said on Wednesday, forcing Rupert Murdoch's group to spin off TV news channel Sky News.

Diageo is hopeful that its long-standing effort to take control of one of China's local white spirits producers is within its grasp after a potential stumbling block was removed, the Financial Times said.

There will be results today from Kazakhmys, IMI, Amec, Balfour Beatty, Cobham, Howden Joinery Group, Spirent Communications and Taylor Wimpey.

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