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FTSE 100 to open flat after Wall Street revival

Published: 16:32 05 Aug 2014 AEST

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The UK’s benchmark share index is set for a flat start despite a strong showing over the in the US, which regained some of the ground lost at the end of last week.

Spreadbetters are tipping the Footsie to open around 8 points higher after closing at 6,677 on Monday in tepid trade.

Any gains are likely to be restricted by poor data from China, where the purchasing managers’ index (PMI) of its non-manufacturing sector fell to 50 in July – a record low and the threshold for expansion.

As a result, Asian shares dropped overnight, led by those in Hong Kong and Shanghai.

Later today, the US and the UK are set to report their own services data.

The Gaza crisis is still the geopolitical focus, but there are hopes of talks between Israel and Hamas as a 72-hour ceasefire gets underway.

The Israelis may agree to such discussions now that their main goal of destroying Gaza Strip tunnels is complete.


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