London pre-open: Rise expected ahead of US Presidential Election

6th Nov 2012 07:28

City sources predict the FTSE 100 will open up by 18 points from yesterday's close of 5,839, tracking US stocks higher, although trading is likely to be relatively thin ahead of the US election results.Although the result of the election is to be announced today, the exit polls won't be published until well after London has shut up shop for the day.Analysts have outlined both the pros and cons for markets which would arise from a win by either candidate, with the most positive outcome being a clear winner and avoiding a drawn out election process. UK economic announcements due out today include the BRC Sales Monitor as well Industrial Production and Manufacturing Production. Germany is set for a busy day, with factory orders and both the PMI Composite and PMI Services due out early on. In the EU, the Producer Price Index is expected at 10:00. In company news, UK like-for-like sales were flat year-on-year in the fiscal second quarter at High Street bellwether Marks & Spencer (M&S), as General Merchandise sales recovered. Total revenue in the three months to September 29th was up 2.5% on a year earlier, driven by a strong performance from food sales and a handy contribution from the group's international stores, which saw sales rise 6.1%.Chip designer ARM is leading a consortium which is to acquire the patent portfolio of MIPS Technologies, the US semiconductor design company, in order to reduce the risk of expensive patent infringement suits in the chip design industry. The MIPS patent portfolio includes 580 patents and patent applications covering microprocessor design, system-on-chip design and other related technology fields. FTSE 100 oilfield services giant Petrofac has entered into a 'strategic alliance' with AIM-listed oil and gas group Bowleven to develop the latter's Etinde Permit, offshore Cameroon, which will see Petrofac invest up to half a billion dollars. Petrofac will provide engineering capability to Euroil, a subsidiary of Bowleven, to support the delivery of a Field Development Plan (FDP) for the proposed first phase of development, the companies announced on Tuesday.