FTSE 100 preview: China to boost miners
The FTSE 100 is expected to gain today with better Chinese manufacturing data likely to support commodity-related stocks, though ongoing euro zone debt worries were set to keep investors cautious.
Looking up: Will shares finally rally?
The blue chip index is seen gaining as much as 0.3% after it fell 0.4% the previous session to close at 5,528.27.
Data from China that showed it had revved up production in November more than expected, with the official purchasing managers' index (PMI) rising to a seven-month high.
However gains from Asian stocks were limited with euro zone debt worries keeping risk appetite in check after Standard & Poor's put Portugal's credit rating on review for a possible downgrade, saying the country may have to turn to the EU and IMF for funding.
Investors will watch house price data for more clues on the state of the British economy.
The Nationwide index is likely to show house prices fell for the fourth month in five in November, pushing prices back towards their level a year ago.
Manufacturing PMI data will also be watched and is expected to come in at 54.6 from 54.9 previously. The manufacturing sector is expected to have grown in November, although at a slower pace than in the first part of the year.
The weak pound, stronger demand for exports and stock rebuilding has boosted the sector this year. However, global demand may wane and government spending cuts could weaken demand at home in the coming months.
Johnson Matthey, Land Securities, National Grid, SABMiller and Severn Trent were all set to trade ex-dividend, knocking 2.83 points off the index.
Royal Dutch Shell has applied for a C$1.35bn carbon capture project to cut emissions from the company's Alberta oil sands processing operation with the aid of Canadian government funding, it said on Tuesday.
Wary of safety issues after the Gulf of Mexico oil spill, BP's Alaska unit has suspended construction of a massive drill rig at its offshore Liberty prospect, a spokesman said on Tuesday.
Separately, BP is planning to cut jobs in its global energy trading business, a company spokesman confirmed on Tuesday.
The Prudential aims to double the value of its new business profits in Asia by 2013, taking advantage of the region's low penetration rates, the company said on Wednesday.
Lloyds Banking Group has made two senior hires from Santander UK, weeks after poaching its new chief executive from the fast-growing British division of the Spanish bank.
There will be results today from Thomas Cook Group, Sage Group, Anite Group, Brewin Dolphin and Numis.
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