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FTSE preview: Shares stable after Japan falls

By Reuters
Updated: 05:13 EDT, 16 March 2011

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The FTSE 100 is seen little changed at open on Wednesday after sharp falls the previous session as investors nervously watch developments in Japan and across the Arab world.

Worried traders at the Tokyo Stock exchange

Bounce: The Nikkei in Japan has recovered some of its losses.

The blue-chip index is seen up 2 to 5 points, or as much as 0.1%, after it fell 79.96 points, or 1.4%, to close at 5,695.28 points on Tuesday.

Investors are seen cautious as they watch the latest developments on a stricken nuclear power plant in Japan. Japan's stocks gained 5.7% after dropping over 17% in two days.

Workers were ordered to withdraw briefly from the power plant on Wednesday after radiation levels surged.

Developments in the Middle East and North Africa will also be watched as unrest flared in Bahrain.

Helicopters flew overhead and police fired tear gas as they moved into Bahrain's Pearl roundabout early on Wednesday to clear protesters camped out there for weeks, a Reuters witness said.

Investors will watch UK employment data for more evidence on how the domestic economy is faring. The claimant count is expected to show little change in February while the ILO jobless rate is forecast to remain steady at 7.9%.

US housing starts data for February, fourth-quarter current account data, and February producer price figures are all due for release.

HSBC, Standard Life and Land Securities are all going ex-dividend, which will take 6.07 points off the index.

Rio Tinto has received acceptances for 30.6% of shares in its $3.9bn takeover target Riversdale, it said on Wednesday, after increasing its offer for the Mozambique-focused coal miner last week.

Separately, it warned that metals demand could fall in the near term and prices could be volatile in the medium term due to economic imbalances, but the long term growth outlook remained strong.

Tullow Oil reports that it has signed an MOU with the government of Uganda satisfying tax concerns.

There will be results today from French Connection, Greggs, Hardy Oil and Gas, Hikma Pharmaceuticals, Marston, Mecom and RAB Capital.

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