FTSE preview: Shares to follow US lower
The FTSE 100 is seen opening down, adding to a slide on Wednesday in tandem with a sharp sell-off on Wall Street and in Asia as worries mount regarding Greece's debt crisis.
Market watcher: Shares are predicted to fall.
The UK blue chip index closed 60.58 points, 1.0% lower on Wednesday at 5.742.55 weighed down by weaker banks, knocked by the British government's drive for tougher regulation and by worries over Europe's debt crisis. Greek Prime Minister George Papandreou said he will form a new cabinet on Thursday and seek a vote of confidence from his fractious Socialist party to push through a harsh austerity bill.
Greece must pass the new campaign of tax rises and spending cuts to receive a new EU/IMF bailout and a €12bn aid tranche that Athens needs to pay back debt that matures in August.
Euro zone officials, meanwhile, said a new three-year financing programme for Greece may be delayed until next month due to differences over how to involve private investors.
US stocks tumbled on Wednesday, and Asian stocks slid to their lowest level in nearly three months on Thursday, driven lower by the escalating Greek debt woes, and by data which showed the US economy is facing a troubling mix of higher prices and weak growth.
On the macroeconomic front on Thursday, British retail sales for May will be released, with a decline of 0.6% forecast for the month, after a 1.1% rise in April, giving an annualised increase of 1.6%, down from 2.8%. Across the Atlantic, US May housing starts will be released, together with initial weekly jobless claims, while the June Philly Fed index is scheduled.
There will be updates today from Premier Farnell, WS Atkins, Umeco, Ashtead, Mulberry, Consort, Cartech and Polar Capital.
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