UK Market News

Friday July 24, 07:46 AM
UK at a Glance-CORRECTED-UK Stocks -- Factors to watch on July 24

LONDON, July 24 (Reuters) - Britain's FTSE 100 index is seen opening 16-21 points lower on Friday pausing for breath after strong gains Thursday which took the index's consecutive winning streak up to nine sessions, with all eyes

on second-quarter GDP data. Financial bookmakers see the UK blue chip index opening down as much as 0.5 percent after it closed 66.07 points, or 1.5 percent higher on Thursday at 4,559.80, the highest closing level since early January. The index has posted its longest winning run since late 2003, up 11 percent over the past nine sessions. The first reading for UK second quarter growth will be the main focus, with preliminary Q2 GDP seen down 0.3 percent on the quarter, after a record 2.4 percent drop in the first quarter, giving a 5.2 percent annualised decline, against 4.9 percent in the first quarter. Investors will also have the final reading of the University of Michigan's U.S. consumer sentiment index for July to assess in the afternoon. U.S. stocks made strong gains overnight boosted by some solid earnings news and positive economic data, however, after-hours results from tech giants Microsoft (NASDAQ: MSFT - news) and Amazon failed to live up to expectations. Investors will also be cautious awaiting the outcome of a key by-election result from Norwich with the ruling Labour party expected to be ousted from the seat but the Conservative opposition also facing tough competition from other parties in the face of the House of Commons expenses scandal. * Rally lifts Dow above 9,000, but Microsoft sinks late * Asia stocks extend gains on upbeat data, earnings * Nikkei (news) up 1 pct, Panasonic (Frankfurt: 853666 - news) and Fujitsu (FJTSF.PK - news) surge * Dollar, euro advance vs yen on recovery optimism * Bonds sink on Fed comments, stocks, supply * Oil slips back below $67 after surge to 3-week high * London copper pauses after rally, momentum stays * Gold inches up, but off 6-wk high; eyes stocks, oil UK stocks to watch on Friday are: VODAFONE GROUP (LSE: VOD.L - news) The mobile phones provider issues a trading update. UNITED UTILITIES (LSE: GB0006462336.L - news) The multi-utility issues a trading update. NATIONAL EXPRESS (LSE: NEX.L - news) Spain's Cosmen family and private equity group CVC have made a joint takeover approach for National Express, the Financial Times reported on Friday, citing people close to the situation. BHP BILLITON (LSE: BLT.L - news) The miner said it will boost output at its Mount Arthur thermal coal mine in Australia to 15 million tonnes a year from 11.5 tonnes. BP A consortium led by BP will meet with Iraqi officials in August and possibly finalise a deal to develop Iraq's largest producing oilfield, senior Iraqi oil officials said on Thursday. India's top outsourcers, Tata Consultancy Services and Infosys Technologies, are vying with global rivals for up to $1 billion deal from oil major BP, the Economic Times reported on Friday. BRITISH AIRWAYS (LSE: BAY.L - news) Negotiations between the airline and trade union Unite aiming to break the deadlock over the carrier's proposals to axe thousands of jobs and freeze pay have collapsed, meaning the two sides must abide by a two week period during which there will be no external communication between them, The Times reported. CATTLES (LSE: CTT.L - news) The sub-prime lender confirmed that it is in advanced negotiations with a preferred purchaser of Cattles Invoice Finance. Also, audit firm PricewaterhouseCoopers is to be investigated over its financial oversight of Cattles, the UK's accounting watchdog said on Thursday. JJB SPORTS (LSE: JJB.L - news) The sporting goods retailer holds its annual general meeting. IPSO VENTURES (LSE: IPS.L - news) The creator of commercial value from technology posts full-year results. ACAL (LSE: ACL.L - news) The technology products group issues a trading update. KCOM GROUP (LSE: KCOM.L - news) The telecoms provider holds its annual general meeting. YELL GROUP (LSE: YELL.L - news) The directories group holds its annual general meeting. UBC MEDIA GROUP (LSE: UBC.L - news) The radio content supplier holds its annual general meeting. TODAY'S UK PAPERS > Financial Times > Other business headlines (Reporting by Jon Hopkins, editing by Simon Falush) 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 Keywords: MARKETS BRITAIN FACTORS