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US pre-open: Stocks seen slightly up

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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Stocks are expected to start with slight gains ahead of a speech by Federal Reserve chairman Ben Bernanke.

Bernanke is expected to speak at the Kansas City Fed’s annual economic symposium and could give an update on the state of the banking system.

Across the group, the Dow Jones is expected to start up 18 points to 11,426 with the Nasdaq seen 3 points higher at 1911. The S&P 500 futures are expected to start ahead by 2 points.

In company news, clothes retailer Gap said late Thursday that profits in the last quarter rose 51% versus the same period last year.

There are continued fears about mortgage giants Fannie Mae and Freddie Mac, with investors speculating that a government bail-out is imminent.

Oil prices have eased slightly having risen by over $5 a barrel yesterday. Crude prices are down 66 cents to $120.52 a barrel in electronic trading.

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