The FTSE 100 is expected to rise 10 points (0.2 percent) in early trade after adding 33 points (0.6 percent) on Wednesday to close at 5,795. Europe's debt problems are again in focus after Portugal’s Prime Minister Jose Socrates stepped down yesterday after the parliament rejected an austerity package aimed at slashing budget deficit, making it likely that Portugal will become the next European country to ask for financial aid.
Miners flooded the leaderboard yesterday. Kazakhmys (LON:KAZ) led the way with a 4.5 percent gain, Eurasian Natural Resources (LON:ENRC) and Xstrata (LON:XTA) advanced 3.5 percent ad Rio Tinto (LON:RIO) and Antofagasta (LON:ANTO) tacked on nearly 3 percent.
Essar Energy (LON:ESSR) rallied 4.2 percent.
Grocer Sainsbury’s (LON:SBRY) was the heaviest faller, slipping 5.4 percent. ITV (LON:ITV) shed 5.1 percent.
US stocks were on the rise yesterday. The Dow Jones Industrial Average (DJIA) and the technology heavy NASDAQ composite advanced 0.55 percent, while the broader S&P 500 index added 0.3 percent.
Alcoa (NYSE:AA) led the DJIA components, advancing 3 percent. Disney (NYSE:DIS) and 3M (NYSE:MMM) added 1.9% and 1.6% respectively.
Bank of America (NYSE:BAC) moved in the opposite direction, dropping 1.7 percent.
In Asia, Japan’s Nikkei 225 declined 0.15 percent today and China’s Shanghai Composite Index rose 0.15 percent.
Commodities
US light, sweet crude for May delivery edged lower to US$105.42/barrel.
Gold inched lower to US$1,437/oz. Silver and platinum fell to US$37.22/oz and US$1,749/oz respectively.
Copper and zinc declined to US$4.40/lb and US$1.08/lb. Nickel rose to US$12.12/lb.
Today’s macroeconomic data will include US jobless claims and durable goods orders and UK retail sales.