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(AFX UK Focus)
2008-10-30 07:13
UK AT A GLANCE UK Stocks -- Factors to watch on Oct 30 |
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LONDON, Oct 30 (Reuters) - Britain's FTSE 100 index is seen opening up by as much as 2.5 percent on Thursday, according to financial bookmakers, following a sharp rise in Asian markets as commodity prices rose and the yen weakened in the wake of the cut in U.S. interest rates. Financial bookmakers expected the commodity-heavy FTSE 100 to open up 73 to 108 points, extending Wednesday's 8 percent rally. Asian stocks rose for a third day on Thursday, with Tokyo's Nikkei average rising nearly 10 percent, on international efforts to provide liquidity to emerging markets and global prospects of lower borrowing costs. The Federal Reserve cut U.S. interest rates by a half-percentage point on Wednesday to the lowest level since June 2004 as it tried to stave off a prolonged recession, and left the door open to further reductions if needed. In the UK, Bank of England policymaker David Blanchflower said the credit crisis could turn out to be more far-reaching even than the 1929 crash and big interest rate cuts are needed to avoid a deep recession. Britain's finance minister Alistair Darling said the UK is moving into recession and the government will need to spend more and forget about its self-imposed limits on borrowing for the time being. Meanwhile, Prime Minister Gordon Brown called for the European Investment Bank to boost lending to small businesses that are suffering because of the global credit crunch and looming recession. UK stocks to watch on Thursday are: RIO TINTO, BHP BILLITON BHP Billiton's chief executive on Thursday ruled out adding a cash sweetener to its all-share $69 billion offer for rival Rio Tinto, saying financial turmoil hitting commodity markets was no reason to change. Separately, Rio said on Wednesday that Chairman Paul Skinner would step down when his term expires in December 2009.
GLAXOSMITHKLINE GlaxoSmithKline said on Wednesday it has reached a definitive agreement to buy Genelabs Technologies, a California-based drug discovery company developing therapies against the hepatitis C virus, for $57 million.
STANDARD LIFE Standard Life has cut payouts on its with-profits savings policies by up to 13 percent and imposed heavy exit penalties, blaming poor investment conditions in August, newspapers said.
BAE SYSTEMS The Pentagon tapped teams led by Lockheed Martin Corp, General Dynamics Corp and BAE Systems for the first stage of a potential $40 billion competition to replace the workhorse Humvee vehicle used by U.S. forces in Iraq and elsewhere.
PROPERTY The average price of a property sold at auction fell nearly 30 percent over the past year according to figures from property group EIG, leading analysts to predict house prices in the general market have much further to fall, the Guardian said.
ROYAL DUTCH SHELL The oil major is due to issue its third-quarter results.
ASTRAZENECA The drugmaker is due to issue its third-quarter results.
BRITISH AMERICAN TOBACCO The company is due to issue its third-quarter results.
UNILEVER The company is due to issue its third-quarter results.
KAZAKHMYS The miner is due to announce its third-quarter output.
LONMIN The miner is due to annouce its fourth-quarter output.
WPP The advertising and marketing group is due to report third-quarter results.
TODAY'S UK PAPERS > Financial Times
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(Reporting by Dominic Lau)
tf.TFN-Europe_newsdesk@thomson.com vjt
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