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FTSE preview: Shares to follow US lower

By Reuters
Updated: 03:04 EDT, 12 May 2011

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The FTSE 100 is expected to fall following weakness overnight on Wall Street and in Asia, as investors ready themselves for a slew of UK corporate results and trading updates.

Taking stock: Earnings data will be analysed.

Highlights include fourth-quarter results from telecoms provider BT Group and trading updates from miner Eurasian Natural Resources, explorer Tullow Oil, and insurers Old Mutual and RSA Insurance.

The market will also focus on UK March industrial output figures, The UK blue-chip index looks set to drop 27 to 29 points, or 0.5%, according to financial bookmakers.

The index ended down 42.89 points, or 0.7%, at 5,976.00 on Wednesday, hurt by worries over Greece's debt problems, a theme set to limit risk appetite again in Thursday's session.

'With concern still looming over the Greek sovereign debt situation... it seems as if markets may remain on the defensive for some time yet,' said Cameron Peacock, market analyst at IG Markets.

US stocks dropped on Wednesday after a second big breakdown in commodities in a week triggered worries over whether the market could continue to push higher. It was a similar story in Asia, where markets fell on Thursday, although oil prices pared losses in early trade.

Weakness could be seen from UK miners on Thursday as London copper fell after its overnight drop on fears over slow demand from top consumer China.

US economic data could offer further direction, with April retail sales, April producer prices, and weekly jobless claims all scheduled for release and March business inventories also due.

On Wednesday, drugmaker Shire gained on talk that it may be the subject of bid interest from larger peer AstraZeneca, press reports said.

Shares in fashion group Burberry were lifted on Wednesday by speculation of bid interest from the Middle East, press market reports said.

On Wednesday, Cable & Wireless gained on talk of interest from suitors such as AT&T, the Daily Express market report said.

There will be results today from BT Group and updates from Eurasian Natural Resources, Old Mutual, RSA Insurance, Tullow Oil, Aegis, Amlin, Cookson, Hikma Pharmaceuticals and Supergroup.

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