London pre-open: IMF casts a shadow

12th Apr 2011 07:51

Stocks are set to open on the back foot after the International Monetary Fund slashed its growth forecasts for the US. The IMF lowered its US 2011 GDP growth forecast by -0.2 percentage points, to 2.8%. The FTSE 100 is expected to open down 41 points at 6,012.There was more good news from Brazil for BG Group as the oil and gas firm said a test of its offshore Guara Norte well confirmed productivity of about 6,000 barrels of oil per day (bopd). "Production potential from this well is estimated at around 50,000 bopd," the company said.Investment company Alliance Trust saw its net asset value per share rise 16.2% over the year to 439.0p, With full year dividend payments of 8.395p factored in the total return for the year was 18.7%. The full year dividend has been hiked by 3.0% from the previous year, representing the 44th consecutive year of dividend growth.Grupo Financiero HSBC, a Mexican subsidiary of global banking giant HSBC, has agreed to sell its pension funds management business, HSBC Afore, for around $198m, to US group Principal Financial Group.---jh