FTSE 100 preview: Shares up; US GDP
The FTSE 100 is seen advancing modestly at the open on Thursday in tandem with gains overnight on Wall Street and in Asia, ahead of US GDP figures which could drive markets.
Watching brief: Traders will digest a number of results today.
Investors have a number of corporate earnings to digest on Thursday, with highlights including full-year numbers from luxury goods group Burberry , hedge fund manager Man Group and utility United Utilities Group .
The UK blue chip index looks set to add 10 to 14 points, or 0.2%, according to financial bookmakers, after climbing 11.73 points, or 0.2%,to 5,870.14 on Wednesday. Reinforcing the bleak outlook for domestic household spending, a survey by the Confederation of British Industry showed that companies in Britain's consumer service sector expect levels of business and profitability to fall more sharply in the next three months.
US stocks firmed on Wednesday as recent underperformers led a thinly traded rally that wasn't seen as strong enough to overcome worries about waning global demand.
Investors were waiting for US preliminary first-quarter GDP, scheduled for release. Expectations are that the economy grew at a still sluggish 2.1% annual rate in the first quarter, according to a Reuters survey, rather than the 1.8% pace estimated last month. US weekly jobless claims are also due. Asian stocks rose on Thursday, boosted by the resources and consumer sectors with recovering commodity prices and a rebound in the euro bringing investors back into the markets in search of bargains.
Virgin Money plans a July bid for Lloyds banks branches, according to reports today.
There will be results today from Burberry Group, Man Group, United Utilities, Daily Mail & General Trust, Helical Bar, London & Stamford Property, Qinetiq and Shanks Group.
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