FTSE 100 preview: GDP in focus as shares gain
The FTSE 100 index is seen opening 15-18 points higher on Tuesday, building on the previous session's gains and mirroring strength overnight on Wall Street and in Asia, as investors await the final reading for UK Q3 GDP.
Market watcher: Shares to follow US higher.
According to financial bookmakers, the blue chip index is set to rise as much as 0.3%, after closing up 97.18 points, or 1.9%, at 5,293.99 on Monday, posting its biggest one-day percentage gain since Dec. 1.
The UK blue chip index is up 53% from a six-year low hit in March, though it is still 2.3% below its level of mid-September 2008 before the collapse of Lehman Brothers.
Investors will be eyeing the final reading for UK third-quarter GDP.
It is expected by economists to show a further upward revision, with a quarterly contraction of 0.1% rather than the 0.3% previously thought.
In the US, a final estimate of third-quarter GDP is also expected, as well as existing home sales data for November.
British house prices will rise by 1-2% next year, with gains in the first few months of 2010 followed by stagnation and modest falls in the second half of the year, the Royal Institution of Chartered Surveyors said on Tuesday.
BAE System on Monday urged the US Army to rethink its strategy to buy medium-sized trucks after government auditors upheld BAE's protest against a multibillion dollar contract award to Oshkosh Corp.
BHP Billiton has pulled out of a $2bn nickel project in the southern Philippines after selling its 40% stake to a local partner.
Legal experts believe that the $100m BP was fined for safety breaches at its Texas City refinery will likely be cut on appeal, said the Times.
There will be updates today from Sinclair Pharma and Sterling Energy.
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