Thursday May 15, 07:06 AM
London shares outlook - lower, as NY closes off highs; Barclays update due
LONDON (Thomson Financial) - UK blue chips look set to open slightly lower, after Wall Street closed well off highs Wednesday, while a trading statement from Barclays (LSE: BARC.L - news) and full year results from Vedanta Resources (LSE: VED.L - news) among the corporate highlights Thursday.
Spread-bettors CMC Markets expect the FTSE 100 index to open around 7 points lower at 6,209, after closing just 4.1 points higher at 6,216.0 on Wednesday.
Overnight in the United States, the Dow Jones Industrial Average was up 66.20 points to 12,898.38. A late sell-off in technology stocks caused the market to pare its gains, with the blue chip index at times up more than 150 points.
The S&P 500 index rose 5.62 to 1,408.66, while the Nasdaq Composite (NASDAQ: news) index added 1.58 to 2,496.70.
In Asian markets, Hong Kong's Hang Seng (news) index ending the morning session down 132.15 points at 25,401.33, although Japan's Nikkei (news) was up 234.29 points at 14,352.84 at last check.
Oil prices continued lower in Asian trade on Thursday after an unexpectedly low rise in United States crude stocks.
New York's main oil futures contract, light sweet crude for June delivery, dropped 43 cents to $123.79 per barrel.
Brent North Sea crude for June dropped 31 cents to $121.55.
In London, investors will have a flurry of companies' earnings reports, trading statements and annual general meetings to focus on.
In earnings news, Vedanta Resources is expected to post higher full-year EBITDA today as an increase in production from most of its key divisions more than offsets mixed metal prices and higher costs.
Fellow blue chip Barclays will be the latest bank to update the market on trading this morning.
Reports in the Telegraph suggest the bank will reveal around 750 million pounds worth of credit market write-downs, on top of the 1.6 billion pounds taken last year, and indicate plans to strengthen its capital base but will stop short of an immediate fundraising.
Away from Barclays, there will be trading statements from Henderson Group (LSE: HGI.L - news) , Paddy Power (Dublin: PLS.IR - news) and Prostrakan Group (LSE: PSK.L - news) .
Back to results, brewer SABMiller (LSE: SAB.L - news) is expected to report robust top-line sales, with price increases and mix improvements offsetting higher input costs.
Also reporting finals today will be National Grid (LSE: NG.L - news) , with expectations of a rise in full-year pretax profits on the back of higher regulated revenues in the UK and the first contribution from its acquired U.S. utility KeySpan (NYSE: KSE - news) .
BT Group (LSE: BT-A.L - news) is expected to report flat fourth-quarter revenues, with a continued decline in wholesale revenue but further improvement in margins at its global services division, which supplies network and IT services.
Meanwhile, the travel sector will be in focus as both Thomas Cook Group and Holidaybreak (LSE: HBR.L - news) report results.
Global venture capital and private equity firm 3i Group will also release full year numbers.
Among 250 earnings news, Investec (LSE: INVP.L - news) , Euromoney Institutional Investors, Findel (LSE: FDL.L - news) , Invensys (LSE: ISYS.L - news) will all have numbers out today.
There are a number of smaller companies reporting today, including Atlas Estates (LSE: ATLS.L - news) , Freshwater UK (LSE: FWUK.L - news) and First Derivatives (LSE: FDP.L - news) .
In other news, DSG International (LSE: DSGI.L - news) will release a business review today.
The following companies are all holding AGMs: Balfour Beatty (LSE: BBY.L - news) , Brit Insurance, Cookson Group (LSE: CKSN.L - news) , CSR (LSE: CSR.L - news) , Emerald Energy (LSE: EEN.L - news) , Ferrexpo (LSE: FXPO.L - news) , Hikma Pharmaceuticals (LSE: HIK.L - news) , Inchcape (LSE: INCH.L - news) , Informa (LSE: INF.L - news) , IS Solutions (LSE: ISL.L - news) , ITV (LSE: ITV.L - news) , Marshalls (LSE: MSLH.L - news) , New Star Asset Management Group, Paddy Power, Partygaming (LSE: PRTY.L - news) , Red Dragon, Shanta Gold (LSE: SHG.L - news) , Stem Cell Sciences (LSE: STEM.L - news) , Telecity, Telspec (LSE: TSP.L - news) , Tullett Trebon, Unite Group (LSE: UTG.L - news) , Uniq (LSE: UNIQ.L - news) and Yule Catto.
In a quite day for data, UK first insolvency petitions will be released at 9:30 a.m.
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