LONDON, June 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening
26 to 27 points higher on Friday, according to financial bookmakers, recouping
all of Thursday's falls in tandem with strong gains overnight on Wall Street and
as crude prices move higher once more.
The UK blue chip index closed 27.41 points lower on Thursday, snapping a two
session rally following sharp falls on Monday which had taken the blue chip
index down to its lowest level since April 29.
U.S. stocks rallied on Thursday, with all the main indexes up over 2 percent
as investors expressed relief that Federal Reserve Chairman Ben Bernanke
withstood a barrage of pointed questions from Congress on the Bank of
America-Merrill Lynch deal relatively unscathed.
Gains in Asia were more muted. Japan's core consumer prices fell 1.1 percent
in May from a year earlier, the biggest decline on record, suggesting the
country's second round of deflation in less than two years is deepening.
[ID:nTKF106445]
In the absence of any important UK economic data, investors in London will
look to U.S. May personal income and consumption numbers, the Fed's preferred
measure of inflation, to provide another snapshot of the health of the world's
biggest economy.
The final reading for the University of Michigan Consumer Sentiment index is
also likely to attract attention.
"The fact oil has broken back above the $70 mark may offer some support for
the petrochemicals sector whilst miners could find themselves in favour after
yesterday's bout of selling but otherwise it could end up being a rather quiet
run into the weekend break," said Matt Buckland, a dealer at CMC Markets.
* Wall St rallies on Bernanke relief, consumer shares [ID:nN25295712]
* Nikkei claws narrowly higher, Nippon Oil gains [ID:nT88602]
* GLOBAL MARKETS-Shares rise, dollar falls, confidence mends [ID:nT371339]
* FOREX-Dollar drops on Fed relief, kiwi falls after data [ID:nT310502]
* TREASURIES-Jobless, successful auctions bolster bonds [ID:nN25578610]
* Oil rises above $70 on Nigeria attacks, econ hopes [ID:nSIN372940]
* Gold rises above $940 as firm oil supports, ETF eases [ID:nT309585]
* METALS-Shanghai copper rises 1.3 pct, chasing LME gains [ID:nMAN498771]
UK stocks to watch on Friday are:
BANKS
Britain plans to strengthen the role of the Financial Service Authority, the
Financial Times said on Friday, a day after the government dismissed talks of a
rift with the head of the country's central bank over regulation. [ID:nLP270811]
Swiss bank UBS UBS.VX has announced plans to raise 3.8 million Swiss
francs via a capital raising and said it expects to post a second-quarter net
loss. [ID:nN25287578]
BHP BILLITON (BLT.L)
The global miner is looking to sell its Yabulu and Ravensthorpe nickel
operations in Australia as a package, the Australian Financial Review reported
on Friday.
LLOYDS BANKING GROUP (LLOY.L)
The bank should abandon its policy of flying Indian contractors to Britain
to replace skilled IT staff, the Daily Mail cited the LTU union as saying.
BARCLAYS (BARC.L)
Trade union Unite has accused Barclays of being secretive over its Financial
Services Authority stress test in March, The Times said.
BP (BP.L)
Carl-Henric Svanberg, BP's chairman-designate, has said environmental
concerns will continue to be at the forefront of the oil group's agenda, the
Financial Times said.
WM. MORRISON (MRW.L)
The supermarket chain, has joined forces with the Scottish Agricultural
College to open the Morrisons Farm at Dumfries House in East Ayrshire, The Daily
Telegraph said.
WILLIAM HILL (WMH.L)
William Hill seems more likely to move its online and telephone gambling
services offshore, after chief executive Ralph Topping told the Financial Times
that the bookmaker faced increased competition from foreign rivals enjoying less
prohibitive tax regimes.
LONDON STOCK EXCHANGE (LSE.L)
The London Stock Exchange Group is to cut about 10 percent of its staff as
new chief executive Xavier Rolet looks to save costs, people familiar with the
matter said on Thursday. [ID:nLP509367]
BERKELEY GROUP HOLDINGS (BKGH.L)
The housebuilder reports full-year results.
FILTRONA (FLTR.L)
The plastics and fibre products firm issues a trading update.
LOOKERS (LOOK.L)
The car dealerships firm holds its annual general meeting.
PENDRAGON (PDG.L)
The car dealerships firm hosts its annual general meeting.
HEADLAM GROUP (HEAD.L)
The floor-coverings firm holds its annual general meeting.
GRESHAM COMPUTING (GHT.L)
The technology group holds its annual general meeting.
CLUFF GOLD (CLUF.L)
The gold miner holds its annual general meeting.
TODAY'S UK PAPERS
> Financial Times [PRESS/FT]
> Other business headlines [PRESS/GB]
(Reporting by Jon Hopkins; Editing by Simon Falush)
