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FTSE set to open higher

Source: Reuters - Tue 27th Oct 2009

The FTSE 100 is seen opening 6-9 points higher on Tuesday, according to financial bookmakers, as investors await third-quarter earnings from UK companies this week to provide further direction for equities, while weakness on Wall Street overnight is seen capping gains.

The blue chip index is seen opening up to 0.2 percent higher on Tuesday after closing almost 1 percent lower in the previous session after mining stocks succumbed to pressure from falling commodity prices as the U.S. dollar strengthened.

With the corporate earnings season already under way in the U.S., analysts expect investors to focus on upcoming third-quarter results from UK companies for fresh clues to the recovery in corporate health.

On the economic front, the CBI distributive trade report for October is due at 11 a.m., while U.S. economic data set for release on Tuesday include the August figures for the S&P/Case-Shiller index of house prices at 1p.m. and U.S. consumer confidence numbers for the same month at 2 p.m..

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