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LONDON (Alliance News) - UK shares are set to open lower Tuesday, focused in the news coming from the negotiations between Brussels and Athens, while Chinese inflation data showed an acceleration, but producer prices in the country fell the most since 2009.
Also sure to grab early attention Tuesday, Prudential reported a big increase in profit for 2014, driven partly by new business profit in Asia, but the results were overshadowed by news that Chief Executive Tidjane Thiam will leave to become the new CEO of Swiss bank Credit Suisse AG.
Credit Suisse confirmed media reports that its current Chief Executive Brady Dougan is to step down and will be replaced by Thiam in June.
"Europe looks poised for another weaker start on Tuesday, as a lack of economic data and no progress on the Greek bailout deal offers no new bullish sentiment to investors," says Oanda analyst Craig Erlam.
Eurozone finance ministers urged Greece to speed up reforms to successfully conclude the review and reinforced that there will be no rolling-back on measures previously agreed. Eurogroup Chairman Jeroen Dijsselbloem said Monday, "We agreed today that there is no further time to lose." Greece will resume talks with lenders in Brussels on Wednesday.
"The discussions between the Greek authorities and the institutions must and will start as from Wednesday," Dijsselbloem added.
"Athens will receive remaining bailout funds of around EUR 7 billion only if it delivers agreed reforms," Dijsselbloem added.
IG futures indicate the FTSE 100 to open 17 points lower at 6,859. The index closed up down 0.5 at 6,876,47, as the Eurogroup meeting on Greeks debt was underway at London close, while the market pondered a potential summer rate hike by the US Federal Reserve following Friday's strong US jobs report.
China's inflation accelerated more than expected from a five-year low in February but producer prices declined the most since late 2009 underscoring the persistent risk of deflation.
Inflation rose to 1.4% in February from 0.8% in the prior month, data published by the National Bureau of Statistics showed Tuesday. It was forecast to increase moderately to 1%. Month-on-month, inflation accelerated to 1.2% from 0.3% in January.
In a separate statement, the NBS said Chinese producer prices declined for the 36th consecutive month in February weighing heavily on profit margins of companies.
Industrial producer prices were down 4.8% from last year, which was bigger than a 4.3% fall seen a month ago. Economists had forecast prices to fall again by 4.3%. This was the biggest fall since October 2009. On a monthly basis, producer prices slid 0.7% after declining 1.1% in January.
In Asia on Tuesday, the Japanese Nikkei 225 closed down 0.7%, and the Hang Seng trades down 0.8%. The Shanghai Composite is trading down 0.4%.
Wall Street ended higher Monday. The DJIA closed up 0.8%, the S&P 500 ended up 0.4% and the Nasdaq Composite was up 0.3%.
Brent crude is quoted at around USD58.29 a barrel Tuesday, and US benchmark West Texas Intermediate is quoted at USD49.99 a barrel. Gold is quoted early Tuesday at USD1,159.73 an ounce.
In the UK corporate calendar Tuesday, G4S, Esure Group, Cairn Energy, Inchcape, John Menzies, Hill & Smith Holdings and Bango publish full-year results at 0700 GMT. Close Brothers, St Ives and Craneware report half year results, while Ocado Group issues a first-quarter trading statement.
In the economic calendar, industrial output figures from France and Italy are at 0745 GMT and 0900 GMT, respectively. Bank of England Governor Mark Carney will give a speech scheduled for 1435 GMT. In the US, the Redbook index index is at 1255 GMT, while JOLTS Job openings and wholesale inventories are at 1400 GMT.
By Daniel Ruiz; danielruiz@alliancenews.com
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