Monday November 17, 07:23 AM
UK at a Glance-UK Stocks Factors -- Stocks to watch on November 17
LONDON, Nov 17 (Reuters) - Britain's FTSE 100 index
is seen opening 15-42 points or up to 1 percent lower on Monday following a
slide Friday on Wall Street, with little stimulation provided by the weekend
meeting of the Group of 20 major
economies.
The UK blue chip index ended 63.76 points, or 1.5 percent higher on Friday
at 4,232.97.
U.S. stocks lost ground on Friday after a record drop in monthly retail
sales heightened worries that U.S. consumers' reluctance to spend will drag the
economy into an even deeper downturn than initially expected.
Oil dropped over $1 to hover below $56 a barrel on Monday, near its lowest
in almost two years after the G20 meeting ended with few actual proposals on how
they would tackle a global economic downturn.
Britain will suffer its sharpest economic contraction in almost two decades
next year and the number of people out of work could rise to nearly 3 million by
2010, the Confederation of British Industry said on Monday.
Increasingly desperate sellers slashed asking prices for homes in England
and Wales by 2.9 percent in November, pushing them 7.1 percent below their level
a year ago, a survey by property Web site Rightmove (LSE: GB00B0MFTM73.L - news) showed on Monday.
'The FTSE currently indicates a slightly weaker opening, as Rightmove House
prices are worse then expected and again are reminding traders about the weak
real estate market,' said David Evans, market analyst at BetOnMarkets.com
'Most investors are awaiting the release of the UK CPI numbers on Tuesday,
worrying that the interest rate cut has unleashed a wave of inflation,' Evans
said.
The head of the International Monetary Fund said the European Central Bank
(ECB) has scope to cut interest rates, adding that the lending agency would need
more funds over the next six months, the BBC reported on Monday.
* Wall St sells off as consumers snap wallets shut
* Nikkei (news) rises 2.1 pct, boosted by pension fund buying
* Yen, dollar gain on lack of G20 specifics
* Oil falls over $1 to below $56 after G20 summit
* US gold ends 5 pct up on fund buying ahead of G20
* Copper prices open lower on firm dlr, economy woes
UK stocks to watch on Monday are:
STANDARD CHARTERED The bank is investigating whether to raise
billions of pounds to bolster its capital base and has asked JP Morgan and
Cazenove to consider options for a capital injection, the Daily Mail (LSE: DMGT.L - news) said.
ICAP Michael Spencer ICAP chief executive will try to reassure
investors on Tuesday that interdealer brokers such as his are not running out of
steam, the Times (1832.HK - news) said.
BP
BP (LSE: BP.L - news) is restarting its No. 3 ultraformer at its Texas City, Texas refinery,
after it was shut down due to Hurricane Rita in 2005, a filing to the state
environmental agency showed on Monday.
CARPHONE WAREHOUSE (LSE: CPW.L - news)
British handset retailer Carphone Warehouse chief executive Charles
Dunstone is expected to confirm this week that he is considering plans to hive
off the company's broadband and telephone calls operations, according to a
report in the Sunday Times.
TAYLOR WIMPEY (LSE: TW.L - news)
U.S. private equity groups are thinking about making a bid for Taylor Wimpey , Britain's largest housebuilder, The Observer said on Sunday. Oaktree and
Apax are considering making a full bid or taking a minority stake as part of a
restructuring deal that would also see lenders swap debt for equity, the report
said.
EASYJET
The High Court has approved an application from British low-cost carrier
easyJet for a judicial review of the regulatory process that led to higher
airport charges at London Gatwick airport last spring, The Financial Times said.
BANKS
The Treasury is considering offering lucrative shares in banks to pension
funds and other City investors to reduce the cost of its bailout plan, the Times
said.
INSURERS Several British life assurers are seeking to delay new financial
reporting rules that would sharply reduce their profits and valuations after
pressure on their balance sheets from weak markets, the Financial Times said.
DEFENCE SPENDING
Britain's Ministry of Defence has ordered a crackdown on spending, The
Financial Times newspaper reported on Monday. The FT said it had seen an
internal MoD memo saying 'the default position is that no business cases are to
be put to the approving authorities for approval' and 'projects that have
already received approval are not to incur financial commitment'.
ASOS
The online retailer will post first-half results.
CRANSWICK (LSE: CWK.L - news)
The pork products firm will report first-half results.
VOLEX
The electrical components group will unveil first-half numbers.
WORKSPACE (LSE: WKP.L - news)
The flexible business space provider will report first-half results.
AVIS EUROPE (LSE: AVE.L - news)
The vehicle hire group will issue a trading update.
TODAY'S UK PAPERS
> Financial Times
> Other business headlines
Multimedia versions of Reuters Top News are now available for:
* 3000 Xtra : visit http://topnews.session.rservices.com
* BridgeStation: view story .134
For more information on Top News visit
http://topnews.reuters.com
(Reporting by Jon Hopkins)
Keywords: MARKETS BRITAIN FACTORS
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