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FTSE seen tracking Wall St decline

Source: Reuters - Thu 29th Oct 2009

The FTSE 100 index is seen opening 30 points, or 0.6 percent, lower on Thursday, according to financial bookmakers, tracking a steep decline on Wall Street and falls in Asia after weak U.S. data on new home sales heightened concerns about the pace of economic recovery.

The FTSE 100 closed down 120.55 points at 5,080.42 on Wednesday, on the 80th anniversary of the "Black Monday" stock market crash of 1929, and posted its biggest one-day percentage fall since July 2.

The main macro focus by far on Thursday will be on U.S. third-quarter GDP numbers, which will give investors a further idea as to the durability of the perceived recovery, after a shock fall in UK Q3 GDP on Friday.

According to a Reuters poll of 77 economists, the U.S. economy is expected to have grown 3.3 percent at an annualised rate in the third quarter, after shrinking 0.7 percent in the second.

U.S. jobless claims for the week ending 24 October will also come under scrutiny.

In terms of domestic economic news, figures on UK mortgage lending and UK money supply will be eyed by investors.

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