London pre-open: FTSE to edge slightly lower ahead of busy week

15th Apr 2013 07:32

City sources predict the FTSE 100 will open down two points from Friday's close of 6,384, as traders brace themselves for another busy week, nationally and internationally. The week has begun on a less than positive note with China announcing less than impressive figures for both production and economic growth. US data will again play a big part this week, with quite a few Fed speakers scheduled to hit the podium, particularly tomorrow and Thursday. On the data side of things, figures out on housing starts, the 'Philly' Fed's manufacturing sector survey and - above all - the latest Fed Beige Book will be the main attractions. In the UK investors will focus on the latest employment report, which is scheduled to be released shortly before the minutes of the last meeting of the Bank of England's (BoE) Monetary Policy Committee (MPC). International announcements out today include the EU balance of trade and the US Empire State manufacturing index. In today's UK company news, FTSE 100-listed independent oil and gas exploration company, Tullow Oil has provided an update on the Sabisa 1 well in Ethiopia, showing that it encountered hydrocarbons requiring logging and further evaluation. Angus McCoss, Exploration Director of Tullow Oil, said: "[...] We are encouraged by the hydrocarbon indications which provide emerging evidence for a working petroleum system in the previously undrilled South Omo Basin."Cairn Energy, the FTSE 250 oil and gas group, has secured a long term contract with Transocean for the Cajun Express drilling unit. The rig, which is on an initial one-year contract, will be used on Cairn's planned multi-well frontier exploration programme in Senegal, Morocco and potentially other areas. Operations will take place offshore Morocco on the Foum Draa licence in the second half of this year. Trading systems developer Fidessa said it delivered a solid performance during the first quarter of 2013 as growth from derivatives platforms, service based platforms and regional expansion offset turbulent market conditions. "As expected, the attrition and pricing pressure seen during 2012 has continued into the first quarter which, in the short-term, makes it challenging for Fidessa to deliver the growth levels it has previously seen," it cautioned.