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FTSE 100 preview: Miners to lead gains

By Reuters
Updated: 03:00 EDT, 27 January 2011

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The FTSE 100 index was seen opening higher, tracking modest gains on Wall Street and in Asia, with commodity issues expected to remain in demand as metal and crude prices hold firm.

Dealers monitor their screens on the trading floor of IG Index in London

Market watcher: London shares will follow the US higher.

The blue-chip index closed 51.50 points, or 0.9%, higher on Wednesday at 5,969.21, bouncing back after losses in the previous session as commodity issues rallied on renewed optimism on the global economic outlook.

On Wall Street on Wednesday, the S&P 500 closed at a 29-month high led by gains in tech and commodity shares, while Asian stocks rose on Thursday after US Federal Reserve policymakers voted unanimously to maintain a $600bn bond-buying plan to fuel economic recovery.

While the outcome of the Fed meeting was largely expected, it backed the view that a wave of liquidity seeking higher returns would continue to flow through into riskier assets.

A big batch of corporate earnings will be the main focus on Wednesday, including numbers from AstraZeneca and BSkyB in London, while figures from industrials group Caterpillar, and household products giants Colgate-Palmolive and Proctor & Gamble should be the highlights during the New York session.

After Wall Street's close, software giant Microsoft, and internet retailer Amazon.com will both release fourth-quarter earnings.

The only British economic data due for release on Thursday will be January's CBI distributive trades report.

Across the Atlantic, US December durable goods orders and the latest weekly jobless claims will be released with December pending home sales due.

In a busy corporate session, there will be updates today from Astrazeneca, BSkyB, Cairn Energy, Tullow Oil, Kazakhmys, Vedanta, Lonmin, Petropavlovsk, Mitchells & Butlers, Britvic, Eaga and Great Portland Estates.

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