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FTSE 100 seen lower after Dow Jones, S&P 500 and NASDAQ decline

Last updated: 17:11 10 Nov 2010 AEDT, First published: 18:11 10 Nov 2010 AEDT

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The FTSE 100 is expected to open with a 0.2% loss after tacking on 0.4% on Tuesday.

ABC News said that its consumer confidence index was unchanged at -46, which it said was “dreadful”.

Asset management firm Schroders (LON:SDR) led the FTSE 100, advancing 5.5%. Gold miner Randgold Resources (LON:RRS) and bank Barclays (LON:BARC) followed with gains of 4.6% and 4% respectively. Associated British Foods (LON:ABF) climbed 3.2%. Base metal miners Xstrata (LON:XTA) and Kazakhmys (LON:KAZ) and gold producer African Barrick Gold (LON:ABG) rose 3.1%.

InterContinental Hotels Group (LON:IHG) was the heaviest faller in the FTSE 100 with a 5.2% loss. Security solutions provider G4S (LON:GFS) declined 2%. Insurer Prudential (LON:PRU), oil and gas engineering firm Amec (LON:AMEC), retailer Marks & Spencer (LON:MKS) and engineering company Smiths Group (LON:SMIN) shed nearly 2%. Pharmaceutical company GlaxoSmithKline (LON:GSK) and National Grid (LON:NG) lost 1.5%.

US stocks were in decline yesterday. The Dow Jones Industrial Average lost 0.5%, the S&P 500 index lost 0.8% and the technology heavy NASDAQ composite retreated 0.65%.

Markets in Asia and Australia were mixed. China’s Shanghai Composite Index was down 0.8% and Hong Kong’s Hang Seng dropped 0.85%, while Japan’s Nikkei 225 surged 1.4% and South Korea’s KOSPI advanced 1.05%. Australia’s S&P/ASX 200 declined 0.85%.

Commodities

Oil prices moved lower with US light, sweet crude for December delivery falling to US$86.64/barrel.

Precious metals rose after falling late in yesterday’s session. Gold rose to US$1,398/oz, while silver and platinum reached US$27.60/oz and US$1,763/oz respectively.

Base metals declined. Copper and nickel retreated to US$3.97/lb and US$11.05/lb. Zinc dropped to US$1.136/lb.

The Bank of England will release its quarterly inflation report today.

Today’s US data includes updates on the balance of trade and jobless claims.

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