London pre-open: Markets wait for next move by BoE's Carney

1st Jul 2013 07:18

The FTSE 100 is expected to open up 13 points from points from Friday's close of 6,215 as Mark Carney begins his first week as the new Governor of the Bank of England.The Canadian has taken over the helm of the central bank following Mervyn King's departure.Investors are waiting with baited breath to watch what the new leader's next move will be to boost the UK's economy.The British Chamber of Commerce (BCC) has said Carney must act to support UK businesses. It urged Carney to use the bank's influence and capital to back the government-supported Business Bank, which aims to fund up to £10bn of lending to small and medium firms.Meanwhile, Chief Treasury Secretary, Danny Alexander, has said UK spending plans unveiled last week will increase certainty for companies to invest.He told the BBC's Andrew Marr Show yesterday it was the "right time to set out the longer-term plans now that we know we've got our deficit and our public finances moving in the right direction". His comments came after his Cabinet Cabinet colleague, Francis Maude, signalled further government spending cuts. Today markets will also be watching out for the release of the latest UK economic data out on industrial production, the purchasing manager's index (PMI) on manufacturing and consumer credit.Stocks to watchPetrofac has signed an agreement with KazMunaiGas Exploration Production (KMG) of Kazakhstan to explore opportunities from the Emba fields of KMG's subsidiary EmbaMunaiGas.TUI Travel has signed of a new medium-term £300m bank credit facility, maturing in April 2016. It will be used to strengthen the leisure company's capital structure.Pearson and Bertelsmann have announced the completion of the joint venture between Penguin and Random House to create Penguin Random House, the world's leading consumer publishing company.RD