London pre-open: Small gains expected on FTSE

11th Jan 2013 07:30

City sources predict the FTSE 100 will open up eight points from yesterday's close of 6,102, tracking overnight gains in the US. Stocks were also boosted by a decision by Japanese Prime Minister, Shinzo Abe, to introduce a Y10.3tn ($116bn) economic stimulus package. The hope is that the package will boost the country's gross domestic product figure by 2.0%. Government debt is currently at 220% of GDP. Speaking Friday, Abe said: "We are making a bold shift?[...]?towards an economic policy that will create wealth through economic growth.In UK company news, oil titan Tullow has admitted that it missed its production targets last year, while write-offs for unsuccessful drilling soared. Group working interest production last year averaged 79,200 barrels of oil per day (bopd), below the forecast range of 80,000-84,000 bopd, due to the enforced shutdown of Tullow's non-operated production in the CMS area of the UK in early December following safety issues. This has now been resolved.Adjusted revenue at Moneysupermarket.com is expected to increase by approximately 15 per cent to £204.5m for the full year 2012, according to a trading statement published by the FTSE 250 company this morning.Technology group Laird said Friday that it is 'well placed' to meet its expectations for 2012 with trading in the fourth quarter being at the level it was. It added that it reaffirms its intention to recommend a total dividend of 10p for the year. UK economic announcements due out today include industrial production, construction output and manufacturing production. Looking abroad, the US government is today set to release a statement about the budget as the country tries to rebound from its deficit. President Barack Obama's choice of Jacob Lew to be his next Treasury secretary may lead to a showdown over the president's tax and spending plans. Also on the cards is the US international trade statistics as well as US import and export price readings.