Date: Wednesday 10 Apr 2013
LONDON (ShareCast) - City sources predict the FTSE 100 will open up eight points from yesterday's close of 6,313, tracking gains seen in the US overnight.
US markets posted moderate gains on Tuesday, with the Dow Jones hitting a fresh all-time high, on the back of an upbeat start to US earnings season with Alcoa beating profit forecasts the night before.
Meanwhile, data showing that inflation in China had dramatically slowed in March, increasing the likelihood that policy-makers would hold back from tightening policy for the time being.
The news prompted an increase in commodities prices, pushing stocks in the resource sector higher. Strong gains for tech giants Microsoft and Intel also provided a lift.
The US is issuing its Treasury Budget Statement this evening, but otherwise it will be a quiet day for announcements, both national and international.
In company news, water group Severn Trent has announced the intention of its Chief Executive Officer, Tony Wray, to retire from the company in spring next year, by which time he will have been in the role for seven years. The group has now begun the process of identifying candidates for the position both internally and externally, it said. Wray will lead the company for the next year, overseeing the submission of its Final Business Plan to Ofwat for PR14 and manage an orderly handover to his successor.
Mining giant Vedanta Resources on Wednesday reported an increase in production across oil and gas, copper, aluminium, lead and silver. Oil and gas production for the year to March 31st 2013 rose 19% year-on-year to 205,323 barrels of oil equivalent per day (boepd), driven by by strong performance in Rajasthan, India. Rajasthan grew 32% to 169,390 boepd.
Precious metals giant Polymetal said on Wednesday that it got its hands on the Maminskaya gold deposit in the Sverdlovks region of Russia which it hopes will have 'substantial exploration upside'. Under the deal first announced in February, Polymetal has bought 100% of company ZAO Maminskaya Gornorudnaya kompania, which holes the deposit and mining licence, for a cash consideration of $3.0m.
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