London pre-open: Footsie set to dive below 5,000

9th Aug 2011 07:30

Investors had better get used to the value of the Footsie starting with the number four as the blue-chip index is set for a triple-digit dive at the outset, following last night's nightmare on Wall Street.City traders predict the top-share index will open at around 4,960, down 109 points from last night's close.Even Greggs, the bakery chain famous for cheap takeaway snacks, is suffering from the tough consumer environment. Like-for-like sales in the 26 weeks to 2 July were up by just 0.4% from the same period a year ago.Global hotels group InterContinental Hotels Group saw revenue per available room (RevPAR) grow by 6.7% from a year earlier in the first half of 2011, driven by strong demand in Greater China and the US. Second quarter profit before tax tumbled 11.9% to $111m from $126m the year before.HSBC has confirmed that it is in discussions regarding a possible sale of the card and retail services business in the USA. --jh