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FTSE preview: Caution ahead of rate decision

By Reuters
Updated: 02:43 EDT, 7 April 2011

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The FTSE 100 is expected to open flat after hitting a seven-week high in the previous session, with some caution prevailing ahead of a rate decision by the Bank of England later in the session.

Rates decision: Hold is widely predicted

The blue-chip index looked set to open unchanged to down 1 point, according to financial bookmakers, after closing up 34.1 at 6,041.1 - its highest closing level since February 18.

The rate decision by the BoE at noon is likely to give further direction to the market.

Only one of 67 economists polled by Reuters expected rates to rise from 0.5%, though the central bank faces criticism that it has gone soft on inflation which is running more than double its target.

Policymakers has been split in recent months about whether to raise interest rates, with a majority keen to gauge the strength of the recovery before acting.

A recent shock fall in industrial output raising doubts over the strength of the economy and clouding the outlook for monetary policy after very strong services sector numbers.

Stocks to watch today include:

Asterand: The company is scheduled to release a preliminary statement.

Hays: The company is scheduled to release a trading update

Halfords Group: The company is scheduled to release a trading update

Hydrodec Group: The company is scheduled to release a preliniary statement

Victrex: The company is scheduled to release a trading statement

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