FTSE preview: Shares up; Glencore floats
The FTSE 100 is seen opening up, extending the previous session's rally in tandem with gains overnight on Wall Street and in Asia, with commodity stocks helped by firm crude and metal prices.
Market watcher: Traders will eye new-boy Glencore.
The UK blue chip index closed 62.49 points, or 1.1% higher on Wednesday at 5,923.49, boosted by strong miners and energy stocks as commodity prices recovered after falls in the previous session on global growth concerns.
Technical analysis supported expectations for further gains on Thursday.
'Based on the main range of 6,103.73 to 5,858.00, expectations are for this index to retrace to at least 5,980.86 to 6,009.86 before meeting strong resistance,' said Enis Mehmet, analyst at Autochartist.
'A failure to rally through this area will mean the formation of another lower top which will be indicative of topping action,' Mehmet added.
Wall Street snapped a three-day losing streak on Wednesday thanks to the rebound in commodity prices and strong earnings from PC maker Dell, and Asian equities carried on the rally on Thursday.
On the macroeconomic front, April British retail sales numbers will be released with a monthly increase of 0.8% forecast, after a 0.2% rise in March, giving an annualised increase of 2.5%, up from 1.3% in March.
May's CBI industrial trends survey will be released later.
Investors will eye the latest US weekly jobless claims in the afternoon with an increase of 420,000 forecast, after a 434,000 rise in the previous week.
After that, April US existing home sales will be released, together with May's Philly Fed index, and April lead indicators.
Most Federal Reserve officials prefer to raise benchmark interest rates before selling assets when the time comes to tighten policy, minutes of their April meeting showed on Wednesday.
Glencore has priced its bumper $11bn IPO at 530p a share, in the middle of its initial range, balancing appetite for its shares with concerns from some investors over valuation, sources close to the deal said.
The stock starts 'when issued' trading on Thursday, and is set to join the FTSE 100 index.
Some investors are expected to vent their anger over Prudential's costly failed bid for rival AIA by opposing the reappointment of chairman Harvey McGrath at its annual general meeting on Thursday.
There will be results today from National Grid, Invensys, SABMiller, Investec, Marston's and Dairy Crest.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Dean Dunham: Entitled to comparable replacement concert tickets?
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- How to invest for income and growth: SAINTS' James Dow
- Mercedes has finally unveiled its new electric G-Class
- Should the Bank of England have cut interest rates...
- How these four private equity trusts could help you cash...
- BHP boss to meet his counterpart at takeover target Anglo...
- Jaguar Land Rover posts its biggest profit since 2015...
- British Airways owner IAG set for bumper summer
- Footsie hits new high as economy roars back
- ALEX BRUMMER: UK second to United States among G7 richest...
- Ikea pushes back opening of its Oxford Street store to...
- MARKET REPORT: S4 Capital shares soar as Sir Martin...
- 86-year-old Peter's woes with a faulty smart meter that...
- Households with emergency savings pots rises...
- My favourite 20 new cars for under £20,000 - by the...
- SMALL CAP MOVERS: Light Science Technologies sales flourish
- The government is asking motoring enthusiasts for help...
- Rightmove expects weaker ad revenue growth as more...
- BUSINESS LIVE: UK GDP grows 0.6%; IAG profits take off;...
- How criminals could use AI to scam Britons - and what can...
- BA owner IAG profits climb more than sevenfold