UK Stocks -- Factors to watch on May 22

LONDON, May 22 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening
1-6 points, or up to 0.1 percent higher on Friday, according to financial
bookmakers, little changed after a sharp drop on Thursday, with investors still
cautious following falls on Wall Street and in Asia and ahead of UK GDP data.

The UK blue chip index closed 122.94 points lower on Thursday at 4,345.47
with the market spooked by downbeat comments on the UK economy from ratings
agency Standard & Poors.

S&P revised its outlook for the UK to negative from stable citing the danger
that government debt may soar close to 100 percent of GDP, and uncertainty over
policy before an election due by next year. [ID:nLL627240]

After that S&P move on Thursday, investors on Friday will be looking closely
at the second reading for UK first-quarter GDP, due at 0830 GMT which is
expected to be unrevised at -1.9 percent for the quarter, and -4.1 percent for
the year.

The Bank of England faces a tricky call in deciding how to tighten monetary
policy as the economy recovers, and would not rush into hefty gilt sales, Deputy
Governor Charles Bean said on Thursday.

Even if the low-point in economic activity was not far off, the strength of
any economic recovery was uncertain and likely to be relatively low, Bean said
in a speech to manufacturers in Sheffield, northern England. [ID:nLAG003449]

Overall, trading interest is likely to be thin ahead of a long bank holiday
weekend in the UK and the U.S.

* Wall Street falls on fiscal worries, job data weighs [ID:nLM619309]

* Nikkei edges 0.1 pct lower, exporters pressured [ID:nT65836]

* GLOBAL MARKETS-Dollar extends slide but Asian stocks gain [ID:nLM598789]

* FOREX-Dollar dogged by US rating worries, hits 5-mth low [ID:nT68164]

* TREASURIES-Bonds tumble as U.S. assets come under pressure [ID:nLM620153]

* Oil steady above $61, off 6-mth peak on weak US data [ID:nLM622077]

* Gold steady, weak dollar supports; ETF unchanged [ID:nSP476860]

* Copper rebounds on weak dollar, demand worry weighs [ID:nSHA72031]

UK stocks to watch on Friday are:

BRITISH AIRWAYS (BAY.L)

The airline reports fourth-quarter results.

BHP BILLITON (BLT.L)

The global miner is looking to develop a big uranium mine in western
Australia, the company said on Friday, in another sign that the country is
gearing up to power a surge in global nuclear power. But BHP declined to comment
on a separate newspaper report that it was in talks to sell an Australian nickel
refinery. [ID:nSYD471578]

Also, BHP Billiton chairman Don Argus has suggested Rio Tinto's (RIO.L)
planned tie-up with China's Chinalco may not be in Australia's national
interest, the Daily Mail said.

RIO TINTO (RIO.L)

Australian shareholders in Rio Tinto have called for changes to its proposed
tie-up with Chinalco, the Daily Telegraph said, with the Chinese firm understood
to be considering revisions to the 19.5 billion dollar deal's structure to
placate the Australian foreign investment regulator.

BRITISH SKY BROADCASTING (BSY.L)

BSkyB and Channel 4 are discussing a merger of their advertising sales teams
to deliver multi-million pound savings, The Times said.

CABLE & WIRELESS (CW.L)

Tony Rice, chief executive of Cable & Wireless International, has sold 3.5
million shares in the company for around 5.5 million pounds, The Times said.
Rice sold the shares under a long-standing performance-related scheme, but
stills holds 3.5 million shares.

BARS

The Times has learned the billionaire Reuben brothers have placed a 40
million pound bid for Premium Bars & Restaurants, the operator of the Living
Room and Prohibition chains.

The brothers currently hold a 32.5 percent stake in PBR and have offered to
buy out all but five of the group's 48 outlets, in a deal that would see the
chain enter into a pre-pack administration.

GLAXOSMITHKLINE (GSK.L)

The UK drug company is battling the U.S. Internal Revenue Service over a
potential $1.9 billion in back taxes, interest and penalties, according to The
Wall Street Journal. [ID:nN21323731]

ROYAL BANK OF SCOTLAND (RBS.L)

Sir Sandy Crombie, the chief executive of insurer Standard Life (SL.L), is
to join the board of the part-nationalised bank, the Daily Telegraph reported
without citing sources. [ID:nLL89446]

SABMILLER (SAB.L)

The boss of Australia's top soft-drink bottler Coca-Cola Amatil (CCL.AX),
Terry Davis has said the firm would pursue an organic growth strategic with its
partner SABMiller, to build a bigger presence in the Australian beer market.
Davis was speaking to reporters after the company's annual shareholders meeting.
[ID:nSYD407794]

HSBC HOLDINGS (HSBA.L)

The global bank holds its annual general meeting.

ALLIANCE TRUST (ATST.L)

The investment trust hosts its annual general meeting.

LIBERTY INTERNATIONAL (LII.L)

The property firm holds an emergency general meeting.

MARSTON'S (MARS.L)

The brewer and pubs operators posts first-half results.

CHRYSALIS GROUP (CHS.L)

The media firm reports first-half results.

AEGIS GROUP (AEGS.L)

The marketing services group holds its annual general meeting.

MICHAEL PAGE INTERNATIONAL (MPI.L)

The staffing group holds its annual general meeting.

PREMIER FOODS (PFD.L)

The food producer holds its annual general meeting.

DEVELOPMENT SECURITIES (DSC.L)

The property developer holds its annual general meeting.

TODAY'S UK PAPERS

> Financial Times [PRESS/FT]

> Other business headlines [PRESS/GB]
(Reporting by Jon Hopkins)