London pre-open: Slight decline expected ahead of BoE decision

9th May 2013 06:56

City sources predict the FTSE 100 will open down three points from yesterday's close of 6,583, as investors balance strong gains in the US with declines seen overnight in China on the back of rising consumer prices, ahead of an interest rate decision from the Bank of England (BoE). The BoE is not widely expected to introduce further stimulus for the economy, given recent indicators which have suggested the UK economy is moving in the right direction since the start of the year. The government's Funding for Lending Scheme is also expected to have had an effect on the level of borrowing by small and medium sized businesses. The meeting will be the penultimate one before Governor Mervyn King hands the reigns over to Mark Carney. In UK company news, British Land has signed a deal with BT to enable its customers to access free Wi-fi at its shopping centres. It has also agreed to work with BT to find a solution to deliver a 'robust' Wi-fi offering at a number of its open air shopping parks.Morrison Supermarkets posted a 1.8 per cent drop in like-for-like sales for the first quarter as the UK grocer invested in opening more convenience stores. The jump in sales, which excludes fuel, for the 13 weeks to May 5th beat analysts' expectations for a 2.0% decline and were up from the previous quarter's 4.1% drop.Severe winter weather hit first quarter production at Eurasian Natural Resources' iron ore division and revenue decreased slightly when compared to the corresponding quarter as a result of weaker commodity prices, the company has warned.Credit checking colossus Experian delivered full year results showing sales growth across all its global markets, with Latin and North America leading the way. Total group revenue came in at $4.7bn, compared to $4.5bn in 2012.On the cards in the US today are continuing claims data, initial jobless figures, and wholesales inventories.