London pre-open: Subdued start expected ahead of US data

15th Aug 2013 07:31

The FTSE 100 is expected to open slightly lower on Thursday as markets await a long list of economic data later on.Retail sales figures will be the only major indicator to watch here in the UK today, though traders will keep their eyes peeled for the following data in the States: CPI; jobless claims; New York and Philadelphia manufacturing; industrial production; and the NAHB housing market index.Jobless claims in particular will be closely watched with analysts predicting a slight increase to 335,000 during the week ended August 9th, up from 333,000 the week before."Investors will be seeking clues from the data, attempting to predict the timing of stimulus withdrawal," said Max Cohen, a Financial Sales Trader at Spreadex. City sources predict the FTSE 100 will open down six points from yesterday's close of 6,587. Stocks to watch British Airways and Iberia owner International Consolidated Airlines Group (known as IAG) is buying up to 220 Airbus short-haul jets for the two airlines and its newly acquired Spanish budget carrier Vueling. The firm orders are worth about $5.4bn at catalogue prices, although IAG said it had negotiated "a very substantial discount".Imperial Tobacco is sticking to its full-year expectations despite a fall in volumes and sales amid difficult market conditions in Europe. The maker of Lambert & Butler and Embassy cigarettes, which earlier this year outlined a cost savings programme aimed at saving £300m per annum by 2018, said austerity measures, rising unemployment and increased illicit trade were hitting cigarette sales in Europe.FTSE 250 oil and gas group Ophir Energy narrowed its losses in the first half after a reduction in general & administration expenses and gave an upbeat outlook for prospects for the near future. Loss before tax totalled $19.4m in the six months to June 30th, down from a loss of $24.4m the year before. The company is yet to generate any substantial revenues.European gaming business Rank Group reported a slight drop in annual pre-tax profit following the acquisition of casinos. Adjusted pre-tax profit dipped 1.0% to £65.1m in the year to June 30th 2013, after the company acquired 19 casinos and three non-trading licences from Gala Goral, making Rank the leading operator of casinos in Great Britain. The group in April also sold the assets and trademarks of its loss making Blue Square Bet business for £5.0m.