FTSE 100 preview: Rally after Ireland deal
The FTSE 100 share index is expected to open up rallying with gains in Asia after Ireland agreed to a rescue package from European partners and the International Monetary Fund.
On the up: Shares are expected to rise today.
The UK index closed 35.88 points, or 0.6% lower on Friday at 5,732.83 led by banks and commodity shares on worries over Ireland's debt crisis and on concern over future growth in China after the country increased its banks' reserve requirements.
However, the EU and the IMF agreed on Sunday to help bail out Ireland with loans expected to total €80bn to €90bn to resolve its banking and budget crisis, relieving markets of one of their worries.
No domestic macroeconomic data is due for release on Monday, with little due all week aside from November's CBI distributive trades report on Thursday and the November Nationwide house prices survey.
Across the Atantic, October's Chicago Fed index will be released on Monday followed by a flood of US data on Tuesday and Wednesday, including the first revision for Q3 GDP, the latest FOMC meeting minutes, October personal income and consumption numbers, new home sales data, and the final reading of the University of Michigan's consumer sentiment index.
US markets will be closed on Thursday for the Thanksgiving holiday, while Friday will see half-day closings for both the US stock and bond markets. France's Vivendi met advisers last week to begin raising more than €7bn to acquire Vodafone's 44% stake in French mobile phone network operator SFR, The Mail on Sunday said.
Private equity groups, including Cinven and Apax, have held talks with the management of Reed Elsevier's £1bn-plus exhibitions business about a possible buy-out, The Sunday Telegraph said.
Tesco, the world's third-biggest retailer, plans to quadruple revenue in China to about £4bn over the next five years by more than doubling its number of hypermarkets to more than 200. HSBC hopes to gain a bigger quota on China's interbank bond market to match growing demand for yuan transactions after completing its first few transactions there, an executive said.
BSkyBhas told regulators that a block on News Corp's bid for the rest of the company it does not already own threatens the future of Sky News, The Daily Telegraph said on Monday.
Britain's two biggest cigarette makers, British American Tobacco and Imperial Tobacco, have attacked government plans to force them to use plain brown packets, claiming it would facilitate counterfeiting, The Times said on Monday.
Philip Green, head of Warrington-based water company United Utilities is expected to announce plans to quit this week, in a move that will allow him to cash in shares and options worth £4m, The Guardian said on Monday.
BP won't object to a court order legally binding the company to waive a $75m statutory cap on damages for the largest oil spill in US history, the company said on Friday.
There will be results today from Big Yellow Group, Diploma, Mitie Group, RM, Synchronica and Sarantel Group.
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