London pre-open: Stocks to rise ahead of barrage of data

13th Aug 2013 07:28

Following a relatively quiet session on Monday, the FTSE 100 is expected to open slightly higher on Tuesday as markets gear up for a busy day full of economic data from across the globe.On the schedule for today is inflation and consumer sentiment figures in Germany, UK inflation and the retail price index, as well as retail sales and business inventories in the States.City sources predict the FTSE 100 will open up 15 points from yesterday's close of 6,575. "After a lacklustre session yesterday saw equity markets close relatively unchanged, today's economic docket has the potential to inject some energy into proceedings," said Senior Market Analyst Michael Hewson from CMC Markets.Markets are expected to track Japan's Nikkei index higher overnight as yesterday's disappointing growth figures sparked speculation that Prime Minister Shinzo Abe could impose a reduction in corporation taxes to offset the impact of a planned increase in the sales tax.Stocks to watch British life insurance investor Resolution reported an increase in profits for the first half after strong growth in the UK and tight cost control. Operating pre-tax profit came to £191m for the fix six months, compared to £163m the previous year, as operating earnings per share rose to 13.26p from 11.32p.Recruitment company Michael Page posted a 13.4% increase in half year pre-tax profit, as challenging market conditions across most of its regions persisted, but said it noted an improvement in market conditions during the second quarter. Profit before tax rose to £32.0m for the half year ended June 30th from £28.2m a year earlier. Revenue was up slightly at £503.2m during the period from £502.6m a year earlier.ViiV Healthcare, of which pharmaceutical giant GlaxoSmithKline is a large shareholder, has announced that the US Food and Drug Administration has approved its new HIV treatment. The product, known as Tivicay, is used in combination with other anti-retroviral agents for the treatment of HIV-1 in adults and children aged 12 years and older.