Jumat, 01 Juni 2012

FTSE LIVE: Investors cautious ahead of U.S. jobs report; Chinese manufacturing contracts

FTSE LIVE: Investors cautious ahead of U.S. jobs report; Chinese manufacturing contracts

By This Is Money Reporters

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08:15

The FTSE 100 has opened 13.42 points up at 5,334.28.

A jump by shares in BP hauled Britain's top share index higher on the first session of a new month, with the oil major accounting for over half the FTSE 100's gains as it reacted to news of a possible Russian joint venture disposal.   

BP was the top blue chip gainer, up 4.2 per cent as the British oil firm said today it will look to sell its shareholding in TNK-BP after the receiving unsolicited indications of interest in its stake in the Russian joint venture.

Underlying caution remained, however, ahead of a key U.S. jobs report due later in the session.

FTSE 100

07:45

Britain's FTSE 100 index is expected to open flat to up 0.3 points, or 0.1 per cent higher this morning, according to financial bookmakers, tracking overnight falls on Wall Street and in Asia, with investors looking cautiously ahead to the U.S. jobs report for May.

The UK blue chip index officially closed up 23.58 points, or 0.5 per cent on Thursday at 5,320.86, having been recalculated after-hours by FTSE because of problems with data from a third-party vendor, the index provider said.   

All eyes will be on the latest U.S. jobs report, due for release at 1230 GMT, with May non-farm payrolls seen rising by 150,000 on the month, and the unemployment rate expected to hold steady at 8.1 per cent in May.

China's official purchasing managers' index - covering the country's biggest, mainly state-backed firms - fell more than expected to 50.4 in May, the weakest reading this year and down from April's 13-month high, with output at its lowest since November 2011.

 

The HSBC China manufacturing PMI, tracking smaller private sector firms, retreated to 48.4 from 49.3 in April - its seventh straight month below the 50-mark that demarcates expansion from contraction - with the employment sub-index falling to 48.1, its lowest level since March, 2009.   

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