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LONDON (Alliance News) - UK stocks are set to open marginally higher Wednesday as investors await economic data from both the UK and the eurozone.
With the much-anticipated ECB monetary policy statement and press conference looming, Italian, French, German and EU services PMI numbers for October are expected to take centre stage Wednesday.
"After last week?s poor euro inflation numbers it was always going to be the case that this week?s European economic data would be dissected with a fine scalpel for clues as to whether we could see the ECB signal a looser monetary policy at tomorrow?s rate meeting, " says Michael Hewson, chief market analyst at CMC Markets.
While Monday's manufacturing PMI's failed to provide any real direction, with a weak French reading and strong German numbers, investors will hope to gain an indication as to whether the ECB will take some action to quell deflation concerns and boost the region's economic growth.
However, CMC's Hewson warns that, "it seems likely that we could well see a similarly divergent picture from the October services numbers today."
German PMI is expected to fall to 52.3 from 53.7, while the EU numbers are likely to drop back to 50.9 from 52.2, according to FXstreet.com.
Analysts are currently divided on the prospects of an interest rate cut at Thursday's ECB policy meeting.
More positive data is set to be released from the UK. Year-on-year industrial production is expected to jump to 1.80% from a decline of 1.50%, while manufacturing production is forecast to climb to 1.10% from negative 1.20%.
Both IG and CMC Markets indicate the FTSE to open higher Wednesday.
Also in Wednesday's data calendar, EU retail sales are scheduled for 1000 GMT, ahead of German factory orders at 1100 GMT. In the US, mortgage application figures are expected at 1200 GMT.
In another busy corporate reporting day Wednesday, blue-chips Old Mutual and Persimmon have been joined by FTSE 250-listed Mondi, Wetherspoon, amongst others, in releasing interim management statements ahead of the open. Lancashire Holdings has reported third quarter results, while Experian has released interim results. Estate agent Foxtons also has released its first report since its IPO in September.
Alongside this, a raft of FTSE 100 companies, including BP, Unilever and Barclays, go ex-dividend Wednesday, which is likely to weigh on the index as market makers adjust prices to take account of the payouts.
By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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