11th Mar 2015 07:01
LONDON (Alliance News) - UK shares are indicated to open higher Wednesday, recovering some of its losses Tuesday when stocks fell on weak commodities prices due to a strong dollar and weak Chinese economic data.
IG indicates the FTSE 100 to open 14.3 points higher at 6,717.1. The index closed down 2.5% at 6,702.84 Tuesday, marking its worst one-day fall since October 15.
Ahead of the open Wednesday the dollar has held onto its strong position, trading the Euro at USD1.0694. The Euro is also weakened by ongoing European Central Bank sovereign bond-purchasing and continued concerns about a possible Greek exit from the eurozone.
Brent oil trades at USD56.69 a barrel ahead of the open, while US benchmark West Texas Intermediate trades at USD48.89 a barrel.
Wall Street also closed heavily lower Tuesday, with the DJIA ending down 1.9%, the S&P 500 down 1.7%, and the Nasdaq Composite off 1.7%.
In Asia Wednesday, the Japanese Nikkei closed up 0.3%, while the Hang Seng trades down 0.7% and the Shanghai Composite is slightly lower.
In the corporate calendar, drugmaker Hikma Pharmaceuticals, estate agency Foxtons Group, online gaming operator Bwin.party Digital Entertainment, and recruitment company Michael Page International report full-year earnings. British home shopping retailer N Brown Group issues a trading statement as does online-only fashion retailer Boohoo.com.
In the economic calendar, Chinese retail sales are due at 0530 GMT, European Central Bank President Mario Draghi will be speaking in Frankfurt at 0800 GMT, UK industrial and manufacturing production for January is at 0930 GMT, and US MBA mortgage applications for the week ending March 6 is at 1100 GMT.
By Neil Thakrar; [email protected]; @NeilThakrar1
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