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(AFX UK Focus)
2008-11-10 06:29
UK Stocks -- Factors to watch on Nov 10 |
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LONDON, Nov 10 (Reuters) - Britain's FTSE 100 index is seen opening up as much as 2.9 percent on Monday, according to financial bookmakers, tracking gains in Asia after China unveiled a nearly $600 billion stimulus package to boost growth. Financial bookmakers expected the UK benchmark to open up 117 to 126 points after closing up 2.2 percent on Friday. In Asia, Japan's Nikkei average rose 5.8 percent and Hong Kong's Hang Seng Index advanced 3.4 percent. Beijing has approved a $586 billion government spending package to boost domestic demand and help the world's fourth-largest economy ride out the global credit crisis. Underlining the tough outlook, a survey showed Britain's shoppers will spend 15 percent more online in the run-up to Christmas this year, a sharp slowdown in growth when compared with the 54 percent year-on-year increase seen in 2007. A quarterly survey by the Confederation of British Industry showed small and medium-sized manufacturers in Britain have cut staff for the first time in 18 months, and more than a quarter plan to reduce headcount further as the global economy slows. In the emerging economies, credit ratings agency Fitch cut Romania's credit rating to "junk" status in one of four emerging market downgrades and said the global financial crisis had put ratings of South Korea, South Africa, Russia and Mexico in jeopardy. (For more on China's stimulus package and the financial turmoil, click on and, respectively) UK stocks to watch on Monday are:
RIO TINTO Facing a dramatic drop-off in Chinese steel production, Rio Tinto will cut iron ore shipments by up to 20 million tonnes in 2008 in hopes that industrial activity in China will improve next year.
BHP BILLITON The miner said on Monday it had no plans to reduce its iron ore output.
HSBC The Asian arm of HSBC may cut 600 more staff as economic conditions worsen, Hong Kong's Standard newspaper reported, citing unnamed sources. The global banking group is due to issue its trading update.
ASTRAZENECA A study that showed AstraZeneca's cholesterol fighter Crestor slashed deaths, heart attacks, strokes and artery-clearing procedures in apparently healthy patients has made a dramatic impression on some doctors who now expect an adjustment to preventive care guidelines.
DSG INTERNATIONAL The electrical goods retailer has put its loss-making Central and Eastern European store chain Electro World up for sale, Sunday Times reported. CABLE & WIRELESS The telecoms firm is due to announce its first-half results.
HAMMERSON The property firm is due to issue its trading update.
G4S The company is due to issue its trading update.
INMARSAT The company is due to announce its third-quarter results.
TODAY'S UK PAPERS > Financial Times
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(Reporting by Dominic Lau; Editing by Hans Peters)
(dominic.lau@reuters.com; +44 20 7542 5440; Reuters Messaging: dominic.lau.reuters.com@reuters.net)
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