London pre-open: Stocks to track Asian markets lower

11th May 2012 07:28

City sources predict the FTSE 100 will open down 41 points from yesterday's close of 5,545, tracking losses in Asian markets as mixed Chinese data leaves investors wanting more. International Consolidated Airlines Group (IAG) reported an operating loss of €249m in the first quarter, an outcome worse than the €230m loss the market had been expecting. In the corresponding quarter of 2011 the British Airways and Iberia airline had lost €102m. Loss before tax for the quarter was €263m, versus a €47m loss the year before. Revenue for the quarter was up 7.8% to €3,919m (2011: €3,636m), including €40m or 1.1% of favourable currency impact.Oil and gas services group Petrofac has said that its year-to-date performance has been in line with expectations and it still remains on track to grow net profits by at least 15% in 2012. "We have started the year well and are making good operational progress across our portfolio of projects" the firm said. Higher gas and power prices have been offsetting lower usage levels this year at Centrica, leaving the gas and electricity provider trading in line with expectations. UK wholesale gas costs are around 15% higher for next winter than last, and non-commodity costs are expected to add a further £50 to the cost of supplying the average household this year, the group revealed.